Question 1

What is the difference between term and permanent life insurance?

Accepted Answer

Term life insurance covers you for a set period (10, 20, or 30 years) at a low premium — ideal for protecting a mortgage or young family during your working years. Permanent insurance (whole life or universal life) lasts your entire life, builds cash value, and is used for estate planning and final expenses, at a higher premium. Many families combine both: enough term coverage for today's obligations plus a smaller permanent policy for lifelong needs. An instant quote shows you real premiums for

Question 2

What are surrender charges and when do they apply?

Accepted Answer

Some savings and insurance products apply a surrender charge if you withdraw money within the first several years of the contract (often on a declining scale, e.g., 5%–6% in year one, reducing to zero after 5–7 years). The charge compensates the insurer for upfront costs. Many contracts allow a free annual withdrawal amount (commonly 10%–20% of the value) without charges. Before you withdraw or transfer, ask us to check your contract — timing a withdrawal properly can save you hundreds of dollar

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