Permanent life insurance is one of the most confusing topics in personal finance. This makes a discussion of whether to buy term or permanent insurance a daunting task.

Let’s first define some terms:

Term insurance provides a level premium and a level-death benefit protection for a stated period of time, such as 10 or 20 years.

Permanent insurance typically provides both a death benefit and cash savings. There are different types of permanent insurance, including whole life, universal life, index-universal life, variable life and variable-universal life.

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