I want to a Life Insurance and i am confused between the Term and Permanent Insurance. Insurance agents contacted me and gave me loads of info.

Many are recommending the Permanent/Life Policy. In this case i need to pay for almost around 20 years and then the policy is mine and i do not have to pay for life long. At the end of the 20 years, i also have the money value accrued and i can withdraw if i need for some interest. Its probably like taking the bank loan.

The second type of insurance is the Term Insurance and its in the phases of 10, 15, 20 years of time. This probably costs only couple of hundreds of dollars but its not permanent. you need to pay the heavy insurance premiums all the time, as long as you need the coverage.

The also said if i take a policy for the kids (also new born), i would probably need to pay only for 15-16 years and they would have the Insurance for the life time. Not sure, if this is a marketing trick or it really helps kids, when they grow up.

Appreciate if you can share your experiences and which one do you think is better. Do you recommend New York Life ?