Which Is Better Permanent Or Term Life Insurance
1 Replies
CA Rakesh Ishi
(Working at Private Company)
(8202 Points)
Replied 01 May 2023
Deciding between permanent and term life insurance depends on your individual needs and preferences. Here are some factors to consider:
Term life insurance:
- Provides coverage for a specific term (e.g. 10, 20 or 30 years)
- Generally has lower premiums than permanent life insurance
- Provides coverage only for the term of the policy and has no cash value
- Is suitable for people who want coverage for a specific period (e.g. until their children are grown or their mortgage is paid off)
Permanent life insurance:
- Provides coverage for your entire lifetime
- Has higher premiums than term life insurance
- Has a cash value component that grows over time
- Allows you to borrow against the cash value or use it to pay premiums
- Is suitable for people who want lifelong coverage and want to build savings in addition to the death benefit
Ultimately, the choice between permanent and term life insurance depends on your individual circumstances, financial goals, and budget
Recent Topics
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
- TCS adjustment
- GST audit and scrutiny
- GSTR9 Table 8 - 8A and 8B difference is 4D(1). in
- Eway Bill query for inter state
- Taxability of income in USA of resident oci holder
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
Related Threads
CAclubindia
