Page 18 - Talk of Tequesta - May '24

Page 18, The Talk Of Tequesta

finanCial foCus ®

Term Vs. Perm: Which Is Right For You?

By Sally Sima Stahl

If you’ve been thinking • Cost – Term insurance is generally affordable for most • Future insurability – If you have health issues, it could
about life insurance, people, which is why it may be particularly suitable for become difficult to get permanent insurance after you’ve
especially if you have family, parents and young adults who may be at the beginning of their reached the end of a term insurance policy. (Some term
loved ones, or anyone who careers. Permanent insurance is typically more expensive, insurance policies do offer the opportunity to convert to
depends on you financially, largely because it is meant to last for one’s lifetime and some permanent coverage, usually without the need for a medical
you might be curious about of the premiums go toward building cash value in the policy exam.) You could avoid this potential problem by purchasing
the different kinds of policies and paying for other features. Generally, the younger and permanent insurance when you are still young and healthy.
available. Which type is right healthier you are when you purchase permanent insurance, Ultimately, you will need to weigh the various factors
for you? the lower your rates will be. involved in the permanent-versus-term decision. You also
Essentially, you can look • Length of time insurance is needed – If you think you might benefit from consulting a financial professional, who
at two main categories of will only need life insurance for a certain period — perhaps can evaluate which type of insurance is most appropriate for
life insurance: term and until your children are grown — you might lean toward term your situation. But whether it’s term or permanent, make sure
permanent. insurance. If you feel the need for life insurance for other you have the coverage you need to protect yourself and your
Term insurance is a pay-as-you-go option that covers a goals throughout your lifetime, for whatever reason — you loved ones.
specific amount of time, usually 20 years or fewer. Term might have a special needs child, or perhaps you want to use This article was written by Edward Jones for use by
insurance benefits are paid to your beneficiaries free of federal your policy to help pay for retirement, or you wish to include your local Edward Jones Financial Advisor, Edward Jones,
income taxes if you pass away during the coverage period, the policy as part of your legacy and estate plans — you may Member SIPC.
but there’s no opportunity to build cash value. want to consider some type of permanent insurance. Edward Jones is a licensed insurance producer in all states
Permanent insurance, such as whole life or universal • Investment preferences – You may have heard the and Washington, D.C., through Edward D. Jones & Co., L.P.,
life, offers coverage for as long as you pay the premiums phrase “buy term and invest the difference.” Essentially, this and in California, New Mexico and Massachusetts through
and, in addition to providing a tax-free death benefit, also just means that an investor could purchase low-cost term Edward Jones Insurance Agency of California, L.L.C.;
offers a chance to build equity, or cash value, on a tax- insurance, and then invest the money that was saved by not Edward Jones Insurance Agency of New Mexico, L.L.C.; and
deferred basis. getting permanent insurance. This can be a valuable strategy Edward Jones Insurance Agency of Massachusetts, L.L.C.
When determining which type of insurance is appropriate in some situations, but people often don’t actually invest Edward Jones, its employees and financial advisors cannot
for your needs, you’ll want to consider these factors: the difference. A permanent insurance policy, through the provide tax advice. You should consult your qualified tax advisor
payment of premiums, may result in a steady buildup of cash regarding your situation.
value or continued contributions to the policy’s investment Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
It’s the Law! components. For many people, this discipline is helpful. W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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