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Term versus permanent: what type of life insurance do I need?

There are pros and cons to term and permanent life insurance. The one you’ll need will depend on your circumstances and the policy's purpose. Here’s how to know which life insurance type is right for you.

Lisa Coxon

September 10, 2019

3-minute read

Deciding to get life insurance is a big choice, made even bigger by the fact that there isn’t just one uniform type to choose from. The one you’ll need will depend on your circumstances and what, exactly, you want your life insurance to achieve for your loved ones once you’re gone.

While there are different types of life insurance and different ways to acquire them (e.g. through an employer group plan or an individual plan), each one falls under one of two umbrellas: term life insurance and permanent life insurance.

About the author

Lisa is a senior editor in the personal finance space. Her work has appeared in Reader’s Digest, Toronto Life, Canadian Living and TVO. As a child, she diligently hoarded the $50 bills that fell out of her Christmas cards. Adult Lisa is working hard to resurrect those stockpiling tendencies.