Term insurance and permanent insurance are two basic types of life insurance. Term life insurance and permanent life insurance. Term life insurance builds on cash value while permanent life insurance accrues cash value.
The advantages of permanent insurance are as follow you get a guaranteed protection for life as long as you have paid the premiums.
There are a few disadvantages in term life insurance coverage might become too expensive to keep or terminate at the end of the term. Secondly term insurance is better for covering needs such as loans or mortgages which will disappear in time.
