Just think of Renting vs. Owning. When you purchase term insurance it is very similar to renting a house. When you rent, you get the full and immediate use of the house and all that goes with it, but only for as long as you are paying the rent. As soon as the lease is up, it’s time to leave.

It’s the same with term life insurance. The death benefit is only in force for a specific length of time. When the term coverage expires, so does your protection. As well as when you stop paying premiums.

When you purchase a permanent policy, the death benefit always stays in force. Plus you build equity in the form of cash value. Permanent insurance provides protection to help replace your income for your family when you’re young, but later in life it can provide protection for a surviving spouse facing reduced Social Security benefits, or possibly even the end of pension income. Additionally, you can use the cash value in the permanent policy to supplement your own retirement income, when your death benefit needs are reduced.

For more information or to get a quote or just to review your current policy or situation please call Eric at Paul Murphy Insurance at 781-321-9700.