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The Differences Between Term Life & Permanent Life Insurance

Know the differences and gain a better understanding on which policies and insurance coverage options are best for you and your needs.

How Much Life Insurance Do I Need?

First thing's first - determining the amount of life insurance you will need. These factors depend on how much your family will need for future expenses after you pass away. You should consider your family's comprehensive future expenses and income, including major life events, when determining how much life insurance you might need.

Your current assets are also important to consider, along with any potential for those assets to increase in value. Based on these factors, and the length and type of the policy you choose, using a coverage calculator can help you decide how much life insurance is right for you.

Life insurance can help protect your family financially. That's why it's important to customize your policy based on your needs, your expenses, and your assets. In just five simple steps, the coverage calculator tool can help you get an estimate of how much life insurance you might need.

Great, now you have an idea of how much you might need your policy to be.

Now what's the next step?

Choosing a policy:

Term Life Insurance or Permanent Life Insurance? Which option is best for my needs?

Whether you'd like to help your family maintain its current lifestyle, pay college costs, or leave a legacy for future generations, Richard Dean Insurance has options to fit your needs and budget.

Term life insurance is often the lowest priced coverage option, but it is temporary. Term life insurance is designed to help replace your income if you pass away during earning years. Your family can use the death benefit to help pay for expenses like housing, childcare and groceries.

With Richard Dean Insurance, you'r policy benefits will include:

  • A Tax-Free Death Benefit - stability at the very time your family will need it most

  • Flexible Policy Lengths - you can choose any term length between 10 and 30 years

  • Affordable Rates & Payments - plans start as little as $24.64 per month for 20 years at $250,000

  • Flexibility to Convert to Permanent Insurance - switch to longer term protection in the future

  • Easy to Understand Options - we offer coverage options to help make life insurance easy

One example of Permanent Life Insurance is the Universal Life Insurance Policy. If you want lifelong coverage, but with flexibility down the road, universal life insurance may be a good option. This form of Permanent Life Insurance is designed to provide protection for the rest of your life while building cash value.

The primary benefits of permanent life insurance includes:

  • Death Benefit Protection - as long as you pay the sufficient premiums, your protection never ends

  • Built-in Flexibility - you can increase or decrease your death benefit to meet your changing financial needs so long as sufficient premium is paid

  • Expanded Cash Value Options for Certain Policies - some universal life insurance policies provide that the cash value can be linked to the broad performance of stock market index funds, but with limits on how much you can gain or lose. Or, you can choose a guaranteed annual return option. It even offers flexibility to have a combination of both.

It can be confusing and a bit overwhelming to research and understand which policies and which life insurance amounts are what you need or even where to start. Richard Dean Insurance is happy to assist you in figuring out all these details with you, and making sure you have the perfect insurance coverage that fits all your long-term needs.


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Permanent life insurance coverage that lasts until death or age 100. Includes a cash value component that earns interest.

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