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JLBennett Financial

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Life Insurance - Permanent and Term Policies

Life insurance is used to protect the financial health and security of the people you love and support.

A life insurance policy pays a cash benefit, tax free, to your beneficiaries when you die. The amount of money for which you are insured and the type of insurance you buy depends on your needs. Permanent life insurance is an excellent choice if you want lifelong coverage and equity in the form of a cash value over time.

Permanent Insurance

Permanent insurance costs are usually guaranteed when you first purchase the policy.

Permanent insurance is commonly issued in the form of whole life or universal life policies.  These policies may include features that have a tax efficient option to house investments or to borrow from the policies accumulated cash value.  


Some permanent insurance plans allow you to pay for a limited number of years, then never again.


Permanent life insurance premiums can be guaranteed level for life (they don't increase as you age, even if your health changes), or they can vary depending on the permanent insurance plan you choose.


As an example, insurance obtained at age 40 could see the end of premium payments by the age of 50, and be fully covered for the rest of your life.

Term Insurance

In contrast to permanent life insurance coverage, term insurance is virtually always "pay as you go" coverage which offers a cost effective way of obtaining insurance for a specific need and period of time (or "term").  

Paying premiums is only required while you have the insurance coverage.


For more information on what kind of insurance is best for you, your family or business, please contact: [email protected]