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There are basically two types of life insurance policies: Temporary, and Permanent. let’s focus here on permanent life insurance.

As attractive as term insurance might be due to the lower cost, it’s important to realize that most insurance needs will require permanent coverage.

Why? Because temporary, or term, insurance can’t be renewed after about age 80 or with some companies at age 85, so if you die after that age, the policy won’t help at all.

Also in most cases if you keep the term insurance for a longer period it will eventually cost you more in total versus if you’d buy a permanent policy in the first place.

Sure, if the purpose of the life insurance is to provide for a temporary need (such as covering loan amounts owing or providing for minor children), then term insurance will often fit the bill, but many of the reasons you might buy life insurance will require permanent insurance.

Permanent life insurance comes in three general types: Term-to-100, whole life, and universal life insurance. In this page out topic is T-100 (See the whole life page and the Universal life page for more info on their profound benefits)

Term-to-100 insurance will continue in force until your death, regardless of what age that might be, as long as you pay your premiums.

Don’t let the name “Term-to-100” confuse you. This doesn’t mean that the insurance lasts only until you reach age 100. The coverage lasts your entire life. At age 100, however, many insurers will give you a break – you won’t have to make any more premium payments.

You can instead put that money into a big celebration on your 100th birthday. In the case of a Term-to-100 policy, there is no investment component that accumulates over time, similar to regular term policies.