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Term life insurance is typically chosen by those looking to cover short-term needs such as providing income replacement or paying off debts upon death. The main benefit of this type of policy is that it provides a lower cost option since premiums remain level over the course of the policy’s duration. However, there are also risks involved since the coverage ceases at the end of its term and thus does not build any cash value like other policies.
In contrast, permanent life insurance offers potentially more long-term protection as it provides both death benefit coverage as well as savings component which can be used to grow funds over time. While various types (e.g., whole life or universal) may offer different features, they all generally require higher premiums than term but also have some tax advantages associated with them if structured properly.
Overall, when evaluating these classes and subclasses it is important to assess one’s particular needs in order to determine which type will best meet them while still trying to minimize associated costs/risks wherever possible.