Term insurance covers you only for a specified time period — 10, 20 or 30 years, for example. Permanent insurance is as it sounds — coverage that remains in place until you die.

With our Select Term Life insurance, you can choose between 10, 20, or 30 years of coverage and a guaranteed benefit. You pick the length of time depending on how long you need it. You can also keep your policy in force, after the initial term, at an increased cost up to age 95.

While term life insurance is initially less expensive, permanent life insurance may be more efficient in the long run. That's because permanent life insurance never needs to be renewed, and your rates will not be adjusted as you get older.

A permanent life insurance policy builds cash value, which can be withdrawn or borrowed during your lifetime. Unpaid loans and withdrawals will reduce the guaranteed death benefit and policy cash value. Loans also accrue interest.