Sentences with phrase «comparable permanent option»

Because term is written as temporary insurance and is not necessarily intended to pay out, large policies cost a fraction of the cost of a comparable permanent option, such as variable, whole or universal life.

Not exact matches

As such, this insurance option has modest premiums for comparable benefit amounts to either a permanent or temporary life insurance.

With term life insurance, there is death benefit coverage only, without any type of cash value or savings build up — and because of that, term life insurance can often be much more affordable than a comparable permanent life insurance policy option (with all other factors being equal).

Therefore, for someone who is on a fixed budget, a permanent life insurance policy may be a good option — even though these policies will oftentimes start out with a higher premium cost than a comparable term insurance policy with the same amount of death benefit.