This post is sponsored by Haven Life Insurance Agency. All opinions are my own.

Shopping for life insurance can be stressful for most people. One component of life insurance that often leaves people confused is choosing between cash value and term insurance. Cash value insurance is referred to as permanent life insurance because it provides coverage for the duration of the policyholder’s life. Even though cash value life insurance may seem like a good choice, it’s not always the right one. Here’s what you need to know.

Cash value life insurance is more expensive than term life insurance. To give you perspective, term life insurance can cost about 1/20th the cost of cash value insurance!

Cash value insurance policies tuck your money into your savings account within your policy. As long as you continue paying your premium, your coverage continues throughout your life, regardless of your age or your health.

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The issue comes down to what actually happens to the money in the savings account. If you wanted to withdrawal the money from a cash value policy you can either cancel the entire policy OR borrow against the cash value of your policy. That’s right–if you wanted to use the money you saved, this will be considered a loan, and your loan amount will accrue interest until it’s paid back in full.

At the end of the day your decision to buy a cash value life insurance policy will depend on how much risk you want to assume and how much flexibility you want to have. So if you need a trusted life insurance agent to walk you through the options, Haven Life is a great option for you. Haven Life offers a simple way to buy dependable, affordable term life insurance online. Expert and friendly customer support is available via phone, email and chat 24/7.


Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).

Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and not be available in all states. Our Agency license number in California is 0K71922 and in Arkansas, 100139527.

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