6 Steps to Figuring Out: Term Life or Permanent Policy?

Competitors' offers. Before doing a conversion with your current insurer, find out what competitors would charge for a brand-new permanent policy.

Bottom line: Permanent life insurance policies can make sense for people who really need coverage into old age. For those who need coverage only while rearing their children, or until other investments grow big enough to fund retirement, a term policy is generally the best deal.