By Life Quotes, Inc. Staff

Permanent life insurance may provide more coverage than some individuals need. For others, such policies are just right.

A recent article by CNNMoney.com looks at the benefits of these policies, as well as various reasons why term-life insurance may be a more practical choice for some.

First, it is important to consider the main goal of life insurance: to protect your family finances after death. For example, those with young children or large mortgage loans may want to purchase insurance to guarantee that these responsibilities are taken care of in the long term.

Term life policies offer lower premiums, making them a more affordable option. Consumers can plan ahead so that their term-life policies expire when their mortgages are paid off or children are grown.

These lower premiums also allow individuals to invest the remaining money as they choose. This can provide more control than the sometimes opaque permanent insurance option, according to the report.

Still, permanent life insurance may be a better choice for high-earners who have maxed out other tax-deferred savings because it’s not taxed until withdrawn. The report recommends that those considering such coverage meet with an independent expert to discuss which type of permanent insurance is best for them.

This article was originally published by Life Quotes, Inc.