Term vs. Permanent Life Insurance: Which Is Right for You?

Term life insurance provides affordable, temporary protection, while permanent life insurance offers lifetime coverage with potential cash value. The right choice depends on whether your primary goal is income protection or long-term wealth and estate planning.

The Core Difference

Feature Term Life Permanent Life

Duration Fixed term Lifetime

Cost Lower Higher

Cash Value No Yes

Complexity Simple More advanced

When Term Life Makes Sense

• Budget-conscious protection

• Income replacement

• Temporary financial responsibilities

• Younger families

When Permanent Life Makes Sense

• Estate planning

• Lifetime coverage needs

• Cash value growth

• Legacy planning

{Specific permanent policy features depend on product type and carrier.}

Can You Use Both?

Absolutely. Many Ohio families use term life for protection and permanent life for long-term planning, creating a balanced insurance strategy.

Advisor Insight

At Summit Shield, we believe insurance should solve problems—not create confusion. We guide clients through both options to determine which shield best supports their financial summit.

Conclusion

Term and permanent life insurance serve different purposes. Understanding their roles allows you to build a strategy that balances affordability, protection, and long-term planning—without unnecessary complexity.