Know the merits of and differences between term and permanent life insurance

SHREVEPORT, La. (KSLA) — Life insurance is one of the tools we need in our financial lives.

There are two primary types, term and permanent.

Colin Evans, of Evans Financial, joined KSLA in the studio Wednesday (June 21) to discuss the differences between the two and the merits of each.

You can watch the interview here:

Term life insurance typically is purchased in blocks of time such as 10, 20 or 30 years, Evans said. Perhaps it’s to cover the mortgage in the event the breadwinner dies, for example. It’s very inexpensive and great for young families just starting out.

On the flip side is permanent life insurance. It’s designed to be there your whole life, Evans said. It’s definitely a lot more expensive; and it costs more because it typically is going to pay a death benefit.

Listen to the full interview to learn why Evans owns both types of life insurance.

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