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Term vs. permanent insurance: Which is right for you
Investing
money ladder

What’s your most valuable asset? While you are still working, this asset may actually be your future income — so you need to protect it.

And you can do so by maintaining adequate life insurance, which can help provide your family with the financial resources necessary to meet critical expenses — such as mortgage payments, college tuition and so on — should you pass away prematurely. But what type of insurance should you purchase? There’s no one “right” answer for everyone, but by knowing some of the basics of different polices and how they relate to your specific needs, you can make an informed decision.

As its name suggests, term insurance is designed to last for a specific time period, such as five, 10 or 20 years. You pay the premiums and you get a death benefit — that is, the beneficiaries of your policy will collect the money when you pass away. In general, term insurance may be appropriate for you if you only need coverage to protect a goal with an “end date,” such as paying off your mortgage or seeing your children through college. Term insurance may also be a reasonable choice if you need a lot of coverage but can’t afford permanent insurance.

Why is permanent insurance more costly than term? Because with permanent insurance, your premiums don’t just get you a death benefit — they also provide you with the potential opportunity to build cash value. Some types of permanent insurance may pay you a fixed rate of return, while other policies offer you the chance to put money into accounts similar to investments available through the financial markets. These variable accounts will fluctuate in value more than a fixed-rate policy, so you will need to take your risk tolerance into account when choosing among the available permanent-insurance choices.

Permanent insurance may be suitable if you want to ensure a guaranteed death benefit for life, rather than just for a certain time period. Permanent insurance may also be the right choice if you have a high net worth and are seeking tax-advantaged ways of transferring wealth.

Still, you may have heard that you might be better off by “buying term and investing the difference” — that is, pay the less-costly premiums for term insurance and use the savings to invest in the financial markets. However, this strategy assumes you will invest the savings rather than spend them, and it also assumes you will receive an investment return greater than the growth potential you receive from permanent insurance. Both assumptions are just that: assumptions, not guarantees. If you are considering the “buy term and invest the difference” route, you will need both a consistent investment discipline and a willingness to take a greater risk with your money, in hopes of higher returns.

This article was written by Edward Jones and provided by Evans, your local Edward Jones financial adviser.

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Record April boosts Savannah's container trade at port
GardenCityTerminal
The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.  

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

 Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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