Do you want coverage for life or a set period of time?

Permanent life insurance provides coverage for life but is typically more expensive to buy than temporary term coverage. It’s often used to cover long-term needs such as providing income to a spouse, paying for funeral expenses or passing on assets.

Term life insurance costs less than lifelong coverage and protects your loved ones for a limited time—from 10 to 40 years, and anything in between. Many people like to buy it when their kids are young and they’re carrying debt, such as a mortgage.