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The decision to protect your loved ones is easy. Where people sometimes struggle is deciding whether they want term or permanent insurance. Your decision will be guided by what you want it to accomplish for those you’re protecting and will balance the factors of:

life insurance optionsCost – What you pay for the protection.

Time – How long you will be insured.

Face Value – How much money your beneficiaries receive upon your death.

Cash Value – How much money can be received by withdrawing, borrowing or cashing in the policy.

Your Murphy Insurance trusted associate will help you determine what makes the most sense based on your overall needs and budget. It may turn out that the best solution for you is a combination of the two types using term insurance to protect for short-term expenses and permanent insurance policy for long-term concerns. 

Term Life Insurance

  • Least expensive life insurance protection since there is no “cash value” component.
  • Best for filling a temporary obligation, i.e. mortgage, supporting children until they can become financially independent, college tuition, etc.
  • Available in 5, 10, 15, 20 or 30 year "terms". Get protection for exactly the time you need.
  • Level premiums guaranteed not to increase during term.
  • Generally flexible payment schedule monthly, quarterly, semi-annual or annual.
  • Can’t be cancelled as long as you pay your premiums.
  • Pays a death benefit to your beneficiaries, which is generally income tax free.
  • Can convert some term policies into a permanent policy so use it as a starter for getting the coverage you need now and later convert it so that you can build “cash value” for the future.
  • May have the option of guaranteed renewal, which allows you to extend coverage beyond the initial term. The rate may change, but this feature can be very important if you should be come uninsurable during the policy term.

Permanent Life Insurance

  • Doesn’t expire and offers lifetime protection.
  • Can build tax-deferred cash value depending on how you set up your policy.
  • Pays a death benefit to your beneficiaries, which is generally income tax free.
  • Ability to access cash value either through withdrawals or loans to help with education, emergencies or as retirement income supplement.
  • Can cancel at anytime and receive the current cash
  • Option of choosing a “universal life” policy which can provide additional flexibility allowing you to make withdrawals or skip payments as long as the cash value of your account is sufficient to cover the insurance costs. 

NOTE:  The above discussion does not address Variable Life Insurance products.  This information is only a general description of the available coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. Some coverage may be subject to individual insureds meeting underwriting qualifications and to availability within a state.   For further information contact a Murphy Insurance Agency Associate.

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The information provided in these articles are only general descriptions and should not be relied upon as complete, correct or accurate for your specific situation. All coverage informaiton is subject to policy provisions, endorsements and may be  subject to your meeting underwriting qualifications. Murphy Insurance Agency is not engaged in rendering legal, accounting or other noninsurance professional services. Consult an appropriate professional for advice regarding your own situation.