Call Us (803) 786-2224 ☰ ˟
Logo
Call Us (803) 786-2224
  • Home
  • Get a quote
    • Auto Insurance
    • Classic Car Insurance
    • Homeowners Insurance
    • Equine Insurance
    • Farm
    • Flood
    • Recreational Vehicle Insurance
    • Umbrella Insurance
    • Business Owners Policy
    • Commercial Auto Insurance
    • Contractors Insurance
    • General Liability Insurance
    • Workers Compensation Insurance
  • Products
    • Automobile Insurance
    • Bonds
    • Homeowners Insurance
    • Equine Insurance
    • Farm Insurance
    • Farm Auto Insurance
    • Farm Owners Insurance
    • Farm Structures Insurance
    • Flood Insurance
    • Recreational Vehicle Insurance
    • Specialty Automobile Insurance
    • Umbrella Insurance
    • Business & Commercial Insurance
    • Commercial Auto Insurance Insurance
    • Contractors Insurance Insurance
    • Life Insurance
    • General Liability Insurance Insurance
    • Workers Compensation Insurance
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business & Commercial Icon

Business & Commercial

We browse through a wide variety of coverages and find the right one for you.

Learn More
Recreational Vehicle Icon

Recreational Vehicle

We browse through a wide variety of coverages and find the right one for you.

Learn More
Farm Icon

Farm

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Does Term Life Insurance Have a Savings Component
MONDAY, SEPTEMBER 19, 2022

Does Term Life Insurance Have a Savings Component

If you're looking for life insurance, then you may have come across two rhyming policies known as term and perm. When it comes to distinguishing between the two of them, there are a few key details that you should know. Here's how they differ, so you can get a better sense of the right option for you.a group of people sitting at a table

The Deadlines of Term Policies

Term policies are life insurance policies that, theoretically, the beneficiaries might never be able to claim. So, if you wanted to provide for dependent children only up until a certain age. Then, you might take out a term policy that expires when your youngest child turns 18. If your dependents need to claim the policy, they can do so only if a qualifying event happens when the policy is active. If not, the policy expires at the end of the term and is never paid out.

Term Insurance, Also Called Pure Insurance

The term pure references the fact that there is no cash value accumulation for term policies. This is a great benefit if you have a certain set of expenses you want to meet.

However, one of the added benefits of permanent as opposed to a term policies is that you often have the option of letting the policy accumulate cash value over time. Over time, you can often choose to cash in the cash value part of the policy, essentially using it as a savings account or source of income.

How to Decide

Plenty of people use life insurance to expand their portfolios and give them extra income should unexpected events occur. For example, maybe you didn't foresee yourself having to pay for a grandchild's education, but circumstances change. Or maybe you need to pay for major home renovations so you can continue to stay there. Some people may just decide to take a major vacation down the line. Whatever happens, permanent insurance can be a good way to keep some pennies store up for a rainy day.

There is no right and wrong type of insurance to get, only those that are right for you. If you choose term life insurance, you're getting an affordable policy that's designed to your specifications. A permanent life insurance plan may just give you more options and assets to draw from should you need to. It all comes down to how you want to manage your funds while protecting the people you love.

Posted 3:28 PM

Tags: life insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • insurance(3)
  • farm insurance(3)
  • home insurance(3)
  • coverage(3)
  • life insurance(2)
  • hurricane insurance(2)
  • weather(1)
  • extreme(1)
  • bonds(1)
  • homeowners(1)
  • coastal insurance(1)
  • flood insurance(1)
  • livestock(1)
  • equipment(1)
  • general liability insurance(1)
  • auto insurance(1)
  • ranch(1)
  • burglary(1)
  • farm(1)
  • business owners policy(1)
  • general liability(1)
  • prevention(1)
  • driving(1)
  • car(1)
  • policy(1)
  • business insurance(1)
  • workers compensation(1)
  • auto(1)
  • emergency planning(1)

View Mobile Version

Contact Us Today!
(803) 786-2224

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

305 Main Street
Blythewood, SC 29016

P: (803) 786-2224 | info@chichesterinsurance.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder