What are the differences between term and permanent life insurance offered by John Hancock?

John Hancock offers two primary types of life insurance: term life insurance and permanent life insurance. Each of these options serves different purposes and offers distinct features that cater to varying needs. Term life insurance is designed to provide coverage for a specific period, typically ranging from ten to thirty years. During this time, if the insured individual passes away, the beneficiaries will receive a death benefit. Term life insurance is often more affordable than permanent life insurance, making it an appealing option for those who need substantial coverage at a lower premium. However, once the term expires, the coverage ends, and the policyholder must either purchase a new policy or go without coverage. In contrast, permanent life insurance offers lifelong protection and does not expire as long as the premiums are paid. This type of coverage not only provides a death benefit but also includes a cash value component that grows over time. The cash value can be borrowed against or withdrawn, which provides a flexible financial resource for the policyholder during their lifetime. Permanent life insurance typically comes with higher premiums compared to term life insurance due to its lasting coverage and cash value accumulation. Ultimately, the choice between term and permanent life insurance offered by John Hancock will depend on individual financial goals, coverage needs, and budget considerations. It is advisable for individuals to consider their specific circumstances and possibly visit the John Hancock website for further details on the products available, including resources for assistance in determining which option is more suitable for them.