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Life Insurance

Life Insurance is divided into two broad categories

1.  Term

2.  Permanent

1.  Term Life Insurance

   Initial Lower Cost:  Premiums can be lower during the early years of coverage.

   The Need for life insurance isn't permanent:  lasts for a limited, pre-determined number of years.  Commonly called "Time Insurance" because it provides for specific, short-term needs.

   It Can be Convertible:  ‚ÄčOption to switch to permanent life insurance coverage without having to show evidence of good health.

2.  Permanent Life Insurance

Level premiums:  Premium payments can remain the same; in later years, premiums can be lower than term.
The need for life insurance is permanent:  coverage can last a lifetime.

To provide an accessible source of tax-free funds:  accumulates cash value that can be used for retirement, college education, or emergencies.  

Tax advantages:  Properly funded and structured, can provide a tax-free income stream and tax-deferred wealth accumulation.