Pillar guide
Term vs permanent life insurance
The real trade-off in plain terms — what each does, and how to tell which one your situation calls for.
HomeLife insurance
Life insurance
Two ways to keep the promise. We’ll help you pick.
Term or permanent, it comes down to one question: for how long do the people you love need to be caught if you fall? We explain both in plain English.
Real-time ratesNo exam to compareNo email wall
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They didn’t push permanent on me — said term was the right call for my situation. That’s when I trusted them.
$32/mo — sample 20-year
term, healthy non-smoker
term, healthy non-smoker
Independent publisherIndependent, plain-EnglishPlain-English, always
Term vs permanent
Which kind of life insurance fits you?
Neither is “better” — they answer different questions. Here’s the honest version of each.
Covers a set number of years
Term life
Lower cost, fixed period — the workhorse for most families.
- Level premium for 10, 20, or 30 years
- Most coverage per dollar while the kids are home / the mortgage runs
- Often convertible to permanent later, no new medical
Best when you have a clear window to protect — an income, a mortgage, dependent years.
Covers your whole life
Permanent life
Lifelong coverage that builds cash value over time.
- Never expires as long as premiums are paid
- Builds tax-advantaged cash value you can borrow against
- Useful for estate planning and lifelong dependants
Best when the need never ends — a lifelong dependant, estate goals, or leaving a guaranteed legacy.
See real numbers
Your rate, in about two minutes.
Work out how much cover your situation calls for, in your browser. No account, no email wall — and a licensed advisor only if you want one.
How much do you need?
A grounded way to land on a number.
Coverage isn’t a guess. Most people size it from three things — then round to what’s comfortable.
1
Replace the income
Roughly the years your family would need your salary, times your take-home. The biggest piece for most.
2
Clear the debts
Mortgage, loans, anything that would otherwise land on someone else. Add it on top.
3
Fund the futures
Childcare, education, a final-expenses cushion — the things you’d want handled.
Do the math with our calculator
Answer five plain questions and see a coverage figure in under a minute — then carry it straight into a quote.
Before you decide
Read up, at your own pace.
Pillar guide
How much life insurance do you actually need?
Income, debts, dependants and the years that matter — a grounded way to land on a number.
Guide
Can you convert a term policy later?
How conversion privileges work, the windows that matter, and why they’re worth checking before you buy.
Talk to a real, licensed advisor
Still deciding term vs permanent? Ask a human.
A licensed advisor will look at your actual situation, tell you which fits, and say so plainly if you’re about to over-buy. No script, no pressure.
LR
Licensed advisorsAny advice about a policy comes from a licensed advisor
- Independent across 21 carriers
- The honest answer, even when it’s “you don’t need this”
Common questions
Life insurance, answered
Is term or permanent cheaper?
Term is almost always lower cost for the same coverage amount, because it covers a set period rather than your whole life. Permanent costs more but never expires and builds cash value. The right one depends on how long the need lasts, not just the monthly price.
Do I need a medical exam?
Not to compare rates — those are estimates from a few basics. If you apply, some policies require an exam and some offer simplified or no-exam underwriting; an advisor can point you to the ones that fit your health and timeline.
Can I convert term to permanent later?
Often, yes — many term policies include a conversion privilege that lets you switch to permanent without a new medical, within a set window. It’s one of the most valuable features to check before buying.
How much coverage should I get?
A common starting point is replacing several years of income, clearing debts like your mortgage, and funding future needs such as childcare or education. Our needs calculator walks through it in under a minute.
Does it cost more to buy through LifeRate?
Premiums for a given policy are set by the insurer. How pricing and any compensation work for your specific case is exactly the kind of question the licensed advisor will answer plainly before you commit to anything.