Term insurance offers good interim coverage at a low monthly cost, so it delivers the largest immediate death protection for your dollar. Unlike Universal Life policies, term insurance builds no cash value. If the insured dies during the term, the policy s face amount, which is the coverage amount stated in the policy, is paid to the beneficiary. If the insured outlives the term, no benefit is paid. Permanent Life Insurance Permanent insurance is used when the need for coverage is expected to last for a longer period of time or for the whole life of the insured.
Permanent policies combine death benefits and a savings component.
Therefore, if you choose to stop the policy you retain the savings portion. There are several types of permanent life insurance policies. Inc. All Rights Reserved. RBC Centura is a trade name used by Centura Bank.