Why Rent When You Can Own? A comparison of term and permanent life insurance
Protecting your loved ones with the right amount and right type of life insurance is a caring and responsible act.
Determining the Right Amount
A sound financial strategy can be built on a foundation of life insurance. Assessing your family’s financial needs will help you determine the right amount of coverage to help protect their standard of living. Your financial professional has the experience and tools to help you do this.
Deciding on the Right Type of Coverage
Once you know how much you need, the next step is to decide what type of coverage is right for you. There are two basic types of life insurance to choose from:
- Permanent insurance offers lifetime protection, which means that your beneficiaries will receive a death benefit no matter how long you live. Whole life insurance is one type of permanent coverage that also accumulates guaranteed cash value which can be used to help address life’s opportunities and challenges.
- Term insurance provides temporary coverage for a specific period of time and only offers death benefit protection. Consequently, the initial premiums for term insurance may be lower than for a comparable amount of permanent coverage. In addition, there is no cash value component with term life insurance.
Your financial professional can help you determine the right amount and right type of life insurance to help meet your financial needs, and can answer any questions you may have.
For more information, please contact:
Financial Sales Representative
CA Insurance License #OG60868
Patricia Ward, LUTCF
Financial Services Representative
CA Insurance License #OG72810
 Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty if the policyowner is under age 591/2.
Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION • NOT FDIC OR NCUA INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY ANY BANK OR CREDIT UNION
© 2016 Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. All rights reserved. www.massmutual.com.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.