Term Life Insurance vs. Permanent Life Insurance: Which is Best for You?

When it comes to life insurance, choosing the right policy is crucial for securing your family’s financial future. At Maple Mountain Insurance Services in Mapleton, UT, we believe in providing our clients with the knowledge they need to make the best decisions for their individual situations. Learn more about what’s suitable for you by comparing term life insurance and permanent life insurance.

Understanding Term Life Insurance

Term life insurance provides coverage for a specified period. Usually, the length of time ranges anywhere from 10 to 30 years. If the policyholder passes away during that time, the beneficiaries get the monetary death benefit. However, no benefits are paid if the insured lives longer than the term. Term life insurance is generally more affordable than permanent life insurance. The lower price is what makes it a more appealing option for young families or those working on a tighter budget.

The Benefits of Permanent Life Insurance

As the name suggests, permanent life insurance offers coverage for the policyholder’s whole life. Of course, only as long as the monthly, quarterly, or annual premiums are paid and kept current. This type of policy usually includes a cash value feature. The cash value grows tax-deferred over time. The person who owns the policy has the option to borrow against the value or withdraw funds if they need instant cash. Permanent life insurance comes in various forms, including whole, universal, and variable life insurance.

Comparing Costs and Flexibility

While term life insurance is usually cheaper, there is no cash value accumulation. On the other hand, permanent life insurance has higher premiums but provides lifelong coverage. In addition, there’s the potential for cash value growth. It’s important to evaluate your financial goals and what kind of flexibility you expect before choosing a policy.

Let Maple Mountain Insurance Services Guide You

Contact Maple Mountain Insurance Services in Mapleton, UT, today to discuss your life insurance options and discover the ideal policy. Don’t leave your family’s financial future up in the air. Instead, let us help you make the best choice.

5 Moments to add or upgrade life insurance in Mapleton, UT

Maple Mountain Insurance Services knows that life insurance is a necessity.

Unfortunately, many others don’t understand this fact until it’s too late. Even existing policyholders underestimate their current coverage. Life insurance is a living document. As your life changes, your policy should too.

Maple Mountain Insurance Services can help. Located in Mapleton, UT, the agency lists five life events that require an immediate review of your life insurance needs.

Getting married

Marriage is a major financial commitment. If a spouse passes unexpectedly, bills, expenses, and other debt are left behind. Life insurance covers the surviving partner, enabling them to continue without this burden.

Buying a home

Many families rely on two sources of income. And mortgage payments will continue after you pass. Life insurance enables your family to keep the home by supplementing these costs.

Having a baby

Raising a child already leads to worry and sleepless nights. Rest a little easier with life insurance. This secures your child’s future, providing safeguards if you may pass prematurely.

Starting a business

Giving "birth" to a new business is equally scary. The payout from life insurance could help a family assume control when you’re gone. Yet life insurance covers investors too. It grants peace of mind and stability. It ensures continuity if you pass.


Life insurance is meant to reduce risk and replace earned wages of a deceased partner. This becomes less important during retirement. Pensions and Social Security may be enough. Once you stop working, you may want to decrease your coverage.

Contact an agency in Mapleton, UT.

"Set it and forget it" won’t cut it. Life insurance should grow with you. Serving Mapleton, UT, Maple Mountain Insurance Services can craft a policy that best protects you and your family. Schedule an appointment today.

A Look At Universal Life Insurance Policy

Maple Mountain Insurance Services provides coverage to Mapleton, UT residents. We are committed to helping our clients find policies to prepare for life’s most unexpected situations. We offer custom policies to ensure that you will find the coverage you need regardless of your situation.

A Look At Universal Life Insurance Policies

Life insurance helps you leave a legacy for your loved ones after you have passed away. Thinking about the afterlife is an uncomfortable topic for everyone.  However, through your life insurance policy, you can help make things a little easier for your loved ones. One of the more common types of life insurance is universal coverage.

Universal life insurance is permanent coverage. However, you will have to adhere to the guidelines in order to maintain full coverage. The policy does include death coverage so that your loved ones can make arrangements for your funeral. The death coverage can give your loved one’s peace of mind that your funeral arrangements in Mapleton, UT will be taken care of.

Universal life insurance policies also allow your assets to grow. You can adjust the terms of your policy if your situation changes. If you have an emergency, you can withdraw some assets on your policy. Flexibility is considered a real asset. However, it’s important that you continue to adhere to the guidelines. You have a grace period regarding your policy, but you need to analyze your policy before making any decisions. Universal life insurance differs from term life because you are ensured of having permanent coverage as long as you meet the terms of the policy. Universal life policies are also known for their flexibility. You can alter your coverage compared to term life or even more structured whole life policies.

Maple Mountain Insurance Services Will Help You Stay Protected

Visit our website today to learn more information on life insurance.

What type of life insurance is right for me?

For anyone that lives in the Mapleton, UT area, getting proper insurance coverage is very important. One form of insurance that people should consider getting is life insurance. This form of insurance is vital as it will provide the coverage that you need to ensure that your dependents are adequately cared for. When you are looking for this insurance, there are several options to consider. You should consider the advantages of both term and whole life insurance to determine what type of coverage is right for your situation.

Term Life Insurance

The first type of coverage to consider is term life insurance. With a term life insurance policy, you are going to receive coverage for the entire term of your policy. This coverage will give you protection up to your policy limit. Most people will find that the premiums tend to be more affordable compared to other forms of life insurance.

Whole Life Insurance

While it can be more expensive every month, whole life insurance is often a good option. A whole life insurance policy will give you coverage for the rest of your life as long as payments keep being made. Also, with a whole life insurance policy, a portion of your premiums each month will accrue in an account that will appreciate in value with interest. This can also make it a great investment tool. 

As you are shopping for life insurance in the Mapleton, UT, you can easily feel overwhelmed and confused. To ensure that you pick the right policy for your situation, you should reach out to Maple Mountain Insurance Services. The insurance team at Maple Mountain Insurance Services can help you to pick a policy that provides you with the right type and level of coverage. 

How much life insurance is enough

Life insurance is not something that most people are comfortable talking about. It seems morbid but nothing could be farther from the truth. Life insurance is part of financial planning and it is not about death but rather about life. If you live in Mapleton, UT you have the helpful agents at Maple Mountain Insurance Services to help you navigate your way through the mound of information that is available about life insurance. 

When it comes to determining how much life insurance is enough there are a few things that need to be considered. How old you are? Who is dependent on your income? How many years do you need to provide that income for and what long terms debts do you have. 

If you are young and unmarried or no one is dependent on you, you only need enough insurance to cover any gap there might be between your savings and assets and what debt and final expenses you might have. 

If you have a wife and children, their ages and your income are deciding factors. For how many years do you want to replace your income? If you want to replace it for 10 years then multiply your income by 10 and then add $100,000 for the college education of each of your children. While this is not an exact science, it will at least provide a reasonable place to start your planning. You want to make sure that your family will be able to maintain the life they have now, even if you are gone. 

At Maple Mountain Insurance Services in Mapleton, UT we will be happy to discuss your life insurance needs with you. Why not stop by our office or give us a call, you will be glad you did.