McMillan Insurance

Working towards buying your first home? Our essential tips can help you start with a stronger financial foundation.

*This is provided for informational purposes and is not investment or tax advice.

It’s Life Insurance Awareness Month so we’re breaking down the differences between the two main types of life insurance policies.
Term life insurance covers you for a defined period (1-, 10-, 15-, 20-, 25- or 30-years) and is typically more affordable. It’s designed to protect your family for a specific, shorter-term need, like paying off a mortgage. It’s important to know that term policies generally offer lower initial premiums, but they may rise upon renewal.

Permanent life insurance lasts your entire lifetime and builds cash value over time. While this policy type is more expensive, the longer you pay into your policy, the more its cash value grows. You can choose to flexibly utilize your permanent policy values as needed.
In short:
🗓️Term = lower cost, temporary protection.
♾️Permanent life insurance= lifelong coverage, potentially builds cash value.
The right choice depends on your stage of life. If you’re unsure of what you need, I can help you find the right solution.