Compare Term Life Insurance and Permanent Life Insurance

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Term Life vs. Permanent Life

Permanent life insurance provides protection for your entire lifetime, building value over its life. The premiums tend to
be pricey because the cost is spread over the life of the policy at a level rate and a portion of the premium is banked to develop cash value. The application process can be
lengthy as it requires a medical exam and significant time before approval.

Conversely, a term life insurance policy offers protection
that lasts a specific period of time. Since term life
insurance does not build cash value and is for a shorter length of time, the cost is much less expensive. The online term life application is straightforward and quick – in minutes, you will be approved and coverage
begins immediately (with a few health questions answered, no medical exam is required).

To simplify the differences between the two, Instant-Term-Life provides this valuable comparison chart for an at-a-glance look at the benefits of each type. Information has been compiled from the State Farm Insurance web site.

Permanent and Term Life Insurance Comparison

	Term Life Insurance	Permanent Life Insurance
Coverage	Specific period of time, or “term”	Entire lifetime
Best suited for	Short-range goals	Long-range goals
Financially, best for	Those with a more limited budget	Those who can afford high premiums
Premium	Lower cost, more affordable than permanent	Higher premium because cost is spread over life of the policy
Death benefit	Death benefit provided for the specified time period	Death benefit provided for as long as you live
Medical exam	eLifePolicy does not require a medical exam- just answer a few health questions	Medical exam is required as part of the application process
Application	eLifePolicy's easy online application takes minutes; coverage begins immediately	Process can take a month or more before approval and coverage begins; need to work with an agent to apply

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Instant-Term-Life.com is not a life insurance company, broker, or carrier, and we cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. Policies and products may not be available in all states, and product and policy information is subject to change without notice. Please contact your insurance company directly to answer your policy inquiries.