How many times have you heard the myth that it’s better to save than have life insurance? The truth is, life insurance can be as vital to your financial strategy as your savings, because life insurance can protect your family and the wealth you’ve built. For example, if you were to pass away unexpectedly, it can help:
Term life insurance policies provide coverage for a set time – or term – but build no cash value. Term policies are less expensive than permanent life insurance policies with the same face value.
Permanent life insurance policies remain in effect until the policy holder's death, provided premiums are paid. Most permanent life insurance policies also include a component that can build cash value over time.