For most people with a mortgage, young children, or a working spouse, term insurance is the right answer — because you need a large amount of coverage during the years someone depends on your income, not afterward. Permanent insurance is the right answer for a much smaller group with a need that genuinely never ends.
- Term covers a set number of years and pays only if you die during them. Permanent covers your whole life and costs several times as much.
- The extra premium buys lifelong coverage and a cash value — and on most standard policies, your family receives the death benefit, not both.
- If you need permanent coverage later, a conversion rider on a term policy often lets you switch without a new medical exam.
- “Buy term and invest the difference” works only if the difference is actually invested, every month, for decades.
Jump to the four-question chooser to see which one your situation actually calls for.
There’s also a calculator further down this page that turns your own two quotes into real numbers — jump straight to the premium difference calculator.
- Term — pure protection for a defined period.
- Permanent — protection for life, plus a savings component, in one payment.
| Feature | Term | Permanent |
|---|---|---|
| How long it lasts | A set number of years (commonly 10–30) | Your entire life, as long as premiums are paid |
| What the premium does over time | Typically level for the term, then rises sharply if renewed | Typically level for life; part of it funds a cash value |
| Relative cost | Lower for the same death benefit at the same age | Meaningfully higher for the same death benefit; get quotes for both rather than relying on an average |
| Is there a cash value | No | Yes, building slowly, especially in the early years |
| What your family receives at death | The death benefit, if death occurs within the term | Generally the death benefit only, not the death benefit plus the cash value, on most standard designs |
| What happens if you stop paying | Coverage ends | Depending on cash value, may continue for a time, convert to reduced paid-up coverage, or lapse |
| Can you change your mind later | Often convertible to permanent without a new medical exam, before a deadline | Can be surrendered, reduced, or exchanged, generally with tax and charge consequences |
| Who it typically suits | Someone whose need is tied to a period of years — dependents, a mortgage, income-replacement years | Someone with a need that doesn’t expire, or who wants a forced-savings vehicle built into the premium |
Here is what the difference actually costs, what the cash value really is, and the small number of situations where paying more is the right call.
Which One Does Your Situation Call For?
What Each One Actually Is
Term life insurance vs. whole life insurance comes down to one distinction: time. Term insurance covers you for a fixed number of years and pays a death benefit only if you die during that period. Permanent insurance — of which whole life is the most common form — covers you for your entire life, as long as premiums are paid, and it builds a cash value along the way.
Term has no cash value. None, at any point. If you stop paying, coverage ends and nothing is returned. A term policy is pure protection, priced and sold as nothing more.
Permanent insurance comes in several forms — whole life, universal life, and variable life among them — each with different guarantees and mechanics. This article treats permanent coverage as one category, because the comparison that matters most for a first decision is protection versus protection-plus-savings, not one permanent design against another. If you’re weighing two permanent options against each other, Whole Life vs Universal Life Insurance covers that ground directly.
A return-of-premium term policy is a variant that refunds your premiums if you outlive the term — at a meaningfully higher cost than standard term, since the insurer has to fund that promise somehow.
What the Difference Costs
Permanent coverage costs meaningfully more than term for the same death benefit at the same age, often by a wide margin. We won’t hand you a specific multiple here, because it depends heavily on your age, health, sex, coverage amount, and the specific policy; get quotes for both and compare them side by side rather than trusting an average.
What actually drives your premium: age at issue, health, tobacco use, sex, the coverage amount, the length of the term (for term insurance), and the underwriting class you qualify for. Two of these matter more than people expect. Age at issue matters because rates climb every year you wait. Underwriting class matters because two people the same age can pay very differently depending on health.
A larger death benefit doesn’t cost proportionally more per dollar of coverage. Insurers have fixed costs per policy — underwriting, issuing, servicing — that get spread across the face amount, so a single larger policy is typically more efficient per dollar of coverage than several smaller ones adding up to the same total.
Rates rise with age at issue. That’s the legitimate core of the urgency you’re often given: buy now, while you’re younger and healthier. It’s true as far as it goes — and it’s also the reason that urgency gets stretched further than it should.
What the Cash Value Really Is
Cash value life insurance pros and cons start with this: the cash value builds slowly, especially in the early years, because much of your early premium pays for the cost of insurance and the insurer’s expenses — not your savings. It typically takes years before the cash value amounts to much at all.
What Happens to the Cash Value When You Die
On most standard permanent policies, your family receives the death benefit — not the death benefit plus the cash value. The cash value is generally absorbed back by the insurer at your death rather than paid out on top of what your beneficiaries receive. Most buyers assume they get both; the policy usually says otherwise.
Some policy designs and riders work differently. An increasing (sometimes called “Option B”) death benefit design adds the accumulated cash value to a level base amount, for a higher premium, and certain riders exist specifically to pay both. The one thing worth checking is the death benefit option named in your own policy’s specification page, because that phrase — not the sales conversation — determines what your family actually receives.
You can typically borrow against the cash value once enough has built up. The loan itself isn’t taxed as income while the policy stays in force, but it accrues interest, and any unpaid balance reduces what your family receives at your death, dollar for dollar.
Surrendering the policy — cashing it in while you’re alive — typically triggers a surrender charge in the early years, and any gain above what you’ve paid in premiums is taxable as ordinary income. If a loan is outstanding when a policy lapses or is surrendered, the taxable amount can be larger than any cash you actually receive, sometimes larger than the entire remaining value of the policy. That mechanic, and how policy loans, surrenders, and modified endowment contracts are taxed in full, is covered in Is Life Insurance Taxable? Payouts, Cash Value and More; the short version is that gain above your cost basis (generally your total premiums paid) is taxable under Internal Revenue Code Section 72, the provision governing how annuity, endowment, and life insurance contracts are taxed, whether or not you ever saw the cash in hand.
An overfunded policy can also lose its favorable tax treatment and become a modified endowment contract, which changes how withdrawals and loans are taxed — a distinct topic covered in the article linked above.
Dividends, where a policy pays them, are generally not guaranteed. They depend on the insurer’s actual investment returns, mortality experience, and expenses, and can be reduced in a given year, regardless of how confidently they were illustrated when you bought the policy.
| Situation | What’s paid | What happens to the cash value |
|---|---|---|
| Standard permanent policy, no loans | The death benefit (face amount) | Generally retained by the insurer, not paid in addition |
| Permanent policy with an outstanding loan | The death benefit minus the loan and accrued interest | Applied to satisfy the loan balance first |
| A policy with an increasing death benefit design | The face amount plus the accumulated cash value | Paid out as part of the death benefit, at a higher premium |
| A term policy during the term | The death benefit, if death occurs within the term | Not applicable — term has no cash value |
| A term policy after it expires | Nothing | Not applicable |
| A lapsed permanent policy | Nothing, or a reduced paid-up benefit if elected beforehand | May be forfeited; an outstanding loan at lapse can create a taxable gain |
What Happens When a Term Policy Ends
When your term ends, coverage simply stops. On a standard policy, nothing is returned: no refund, no residual value, nothing.
Many insurers let you renew annually after the term ends without a new medical exam, but at sharply higher rates that climb every year, because you’re now being priced at your current, older age instead of a locked-in term rate.
A conversion rider, a feature attached to many term policies, lets you convert some or all of the coverage to a permanent policy without a new medical exam, at any point before a deadline set in your contract. That deadline is usually tied to a specific policy year — often somewhere within the first 10 to 20 years — or to your age, commonly a cutoff around 65 to 70, whichever comes first, and it varies by insurer and policy. Convert before the deadline, and the new permanent policy is generally priced using your original issue age and health class, even if your health has changed since you bought the term policy.
Choosing a term length is mostly a matter of matching the years someone would actually depend on your income: until a mortgage is paid off, until children are grown and independent, until a spouse’s own retirement savings are secure. Some people ladder several term policies of different lengths instead of buying one large policy, so coverage steps down as the need does. Working out how much coverage that translates to is its own question, covered in How Much Life Insurance Do I Need?
The honest counterweight: if you let a term policy lapse or expire and later decide you need a new one, you’ll go through underwriting again, at your current age and current health, which can mean a materially higher premium or, in some cases, an inability to qualify at standard rates at all.
| Option | What it means | What to check now |
|---|---|---|
| Let it expire | Coverage ends; nothing is returned | Whether anyone would still depend on your income after that date |
| Renew annually | Coverage continues year to year, without a new medical exam, at rising rates | How steeply the renewal rates increase in your specific contract |
| Convert to permanent | Coverage becomes permanent, priced at your original issue age and health class, no new exam | The rider’s deadline (a policy year or an age cutoff) and which permanent products are offered |
| Buy a new policy | A fresh application at your current age and current health | Whether your health today would qualify you for standard rates |
| Ladder a second policy now | Add a second, shorter term policy alongside the first so coverage steps down with need | Whether your remaining dependent years are actually shrinking or steady |
“Buy Term and Invest the Difference”: Does It Hold Up?
Buy term and invest the difference is arithmetically sound and behaviorally fragile. Both halves matter, and most explanations of the strategy only give you one.
The arithmetic case: term costs less than permanent for the same coverage. If you buy the cheaper term policy and invest the premium gap in a separate account every month, for decades, that account can grow to more than the cash value a comparable permanent policy would have built, because it isn’t carrying the insurer’s cost of insurance, commissions, and overhead layered into a savings product.
The behavioral case against it: the strategy only works if the difference is actually invested, every month, without fail, for the life of the comparison. In practice, a lot of people who intend to invest the difference don’t. They spend it, they stop after a few years, or they never open the account in the first place. A permanent policy forces the saving, because the premium is a single payment that isn’t easily unbundled. For someone who wouldn’t otherwise save consistently, that’s a genuine, non-trivial argument in favor of permanent coverage, not just a sales pitch.
There’s research that speaks directly to this, and it’s rarely cited outside actuarial circles. Joint studies by the Society of Actuaries and LIMRA, an insurance industry research organization, have tracked how long life insurance policies actually stay in force. Their U.S. Individual Life Persistency research (covering the 2009–2013 experience period, published 2019) found industry-wide annual lapse rates for whole life policies of roughly 3% to 4% a year. That sounds small, but it compounds: a policy lapsing at that pace year after year has a real chance of being given up well before its slow-building cash value, or its lifelong death benefit, delivers on what was put into it. LIMRA’s more recent research on the whole life market (published 2024) found that even among the industry’s steadiest whole life writers, 13-month and 25-month persistency, the share of policies still in force after roughly one and two years, ran at “over 75 percent,” meaning a meaningful share of buyers stop paying within the first two years even at the best-performing companies. This research doesn’t say every permanent buyer regrets the purchase. It does say that a substantial share of people who buy permanent coverage don’t hold onto it long enough for the product to do what it’s built to do — which may be the single strongest data point in this entire comparison, and it’s almost never mentioned on a page trying to sell you either product.
What the Difference Costs Over Time
This tool compares costs. It does not forecast investment performance, does not model the policy’s cash value, and does not declare a winner. The return figure is your assumption, not a forecast, and this comparison is only meaningful if the difference is actually invested every month, which is the part that usually fails.
Use your own quoted premiums, not an average. A permanent policy also builds a cash value that isn’t modeled here. This comparison ignores tax treatment, which is covered in the article linked above. Nothing you enter is stored or sent anywhere.
| Line | Buy term and invest the difference | Buy permanent |
|---|---|---|
| Annual premium | Your quoted term premium | Your quoted permanent premium |
| Total paid over the period | Term premium × years | Permanent premium × years |
| What the difference could become at your assumed return | Depends entirely on whether it’s actually invested every month | Not applicable; the “difference” is built into the single premium |
| What you hold at the end | Whatever the invested account is worth, if it was funded consistently | The policy’s accumulated cash value, per its own (often non-guaranteed) schedule |
| What your family receives if you die during the period | The term death benefit, plus whatever has been invested so far | The permanent death benefit (see the cash-value table above for what that does or doesn’t include) |
| What fails if you don’t follow through | The invested account never gets funded, and the strategy collapses to “just bought cheaper insurance” | Nothing changes; the saving is forced by the premium itself |
No investment recommendations here, and none in the tool above: no funds, no allocations, no return presented as expected.
When Permanent Insurance Is Genuinely the Right Answer
None of the above means permanent insurance is a bad product. It means it’s the wrong product for most of the people who are sold it. For a smaller group, it’s genuinely the right answer, and worth paying for.
A Lifelong Dependent
If you have a dependent whose need for support will never end, a child with a lifelong disability, for instance, term insurance eventually runs out and the need doesn’t. Permanent coverage is built for exactly this: a death benefit that’s there whenever it’s needed, because there’s no date by which the need is assumed to be over.
An Estate That Needs Liquidity
If your estate includes an illiquid asset, a family business, real estate, a farm, that your heirs would otherwise have to sell quickly, often at a discount, to cover taxes or settlement costs, a permanent policy’s death benefit can supply cash exactly when it’s needed, without forcing a sale. This is a technical area with real thresholds and structuring questions outside what this article covers; a fee-only estate planning professional is the right person to size that need.
Business Continuation
In a business with two or more owners, a buy-sell agreement often needs to be funded by something, and a permanent policy on each owner’s life is a common way to make sure the surviving owner, or the business itself, has the cash to buy out a deceased partner’s share whenever that happens to occur.
High Income, Other Tax-Advantaged Capacity Already Used
For someone who has already maxed out available tax-advantaged retirement accounts and still wants more tax-deferred growth with a long time horizon, permanent insurance’s cash value growth is sometimes a legitimate part of the picture. This case is genuinely real, and it’s also the one most overstated by people selling the product and most dismissed by its critics. It only makes sense after other tax-advantaged capacity is used, and it deserves an honest look at the costs layered into the policy against what they buy.
Guaranteed Insurability
If your health already makes future coverage uncertain, a chronic condition, a family history that complicates underwriting, locking in permanent coverage now, while you can still qualify, removes that uncertainty entirely. This is also exactly what a conversion rider on an existing term policy is designed to solve, often at a lower cost than buying permanent coverage outright today.
A Small Permanent Need
Some people simply want a smaller amount of coverage that never expires, to cover final expenses so that cost doesn’t fall on family. A modest permanent policy sized for that purpose is a reasonable, limited use of the product. The mistake is sizing a whole family’s income-replacement need the same way.
- Term is almost certainly right if…
- your need is tied to a mortgage, your children’s dependent years, or your working life
- coverage amount matters more to you than lifetime duration
- you want the largest amount of protection for the lowest premium
- you’re comfortable managing your own savings and investing separately
- Permanent may genuinely be right if…
- someone will depend on you for their entire life
- your estate or business needs cash at your death specifically
- you’ve maxed out other tax-advantaged savings and want a long horizon
- you know you won’t save consistently on your own, and the forced structure is worth the cost
Is whole life insurance worth it, in general? We’ve weighed the full case for and against, on its own, in Is Whole Life Insurance Worth It? An Honest 2026 Analysis. The short version, for the purposes of this comparison: worth it for the specific situations above, and usually not worth it outside them.
| Situation | Why term doesn’t solve it | What to ask about |
|---|---|---|
| A lifelong dependent | Term has an end date; the need doesn’t | A permanent policy sized to lifelong support, not a temporary amount |
| An estate that needs liquidity | A term policy expiring before death provides no benefit at all | How much liquidity the estate would actually need, with a professional’s help |
| A business continuation arrangement | The buy-sell obligation isn’t tied to a fixed number of years | How the policy is owned and structured within the agreement |
| Other tax-advantaged capacity already used | Not term’s purpose at all; this is a savings question, not a protection one | The actual costs embedded in the policy versus the tax benefit sought |
| Health that makes future coverage uncertain | A term policy that later expires may leave you unable to requalify | Whether a conversion rider on existing term coverage solves this more cheaply |
| A small permanent need for final expenses | The need is real but doesn’t disappear at a set date | Sizing the permanent amount to that specific need, not your whole income |
Why You’re Being Pushed Toward the Expensive One
Here’s a structural fact worth knowing, and it isn’t an accusation against any individual agent: state insurance law sets meaningfully different first-year compensation rules for permanent life insurance than for term. New York’s Insurance Law Section 4228, which functions as a de facto national benchmark because it applies to sales made anywhere by companies licensed in New York, sets separate first-year commission and expense-allowance limits by product and premium structure, permitting materially higher first-year compensation on cash-value business than on term. We won’t publish an exact percentage comparison here, because the specific figures vary by insurer, product, and state, and no single number would be accurate for every policy. The structural gap is real, though. It’s set by regulators, not invented by any one company, and it’s a real and legitimate reason the two products get marketed so differently.
Recommending permanent coverage isn’t, by itself, evidence that an agent is acting in bad faith. For the buyers described in the section above, it’s the right recommendation, and a compensation structure existing doesn’t mean every recommendation made under it is wrong. What it does mean is that the person selling you either product has a financial stake in which one you choose, which is worth knowing as you weigh their advice.
Is whole life insurance a scam? No. It’s a legitimate, regulated product, built and priced by companies operating under state insurance law, and it does exactly what it’s designed to do for the buyers it’s actually built for. It becomes a problem when it’s mis-sold: recommended to someone whose need is temporary, sized wrong, or pitched using urgency that doesn’t match their actual situation. Calling the product a scam lets the real issue, a mismatch between the buyer and the product, off the hook.
The disinterested check on any recommendation, for either product, is a fee-only financial professional who isn’t compensated based on what you buy. They have no stake in which product you choose, which is exactly why their read on your situation is worth getting before you sign anything.
How to Read What They Hand You
A policy illustration, the document showing how your premiums, cash value, and death benefit are projected to behave over time, contains two very different kinds of numbers, and almost nobody explains the difference clearly before you sign.
Under state insurance regulation modeled on the NAIC’s Life Insurance Illustrations Model Regulation, an illustration must clearly separate guaranteed elements from non-guaranteed, or projected, elements. The guaranteed column reflects the minimum the policy contractually promises, the only numbers the insurer is actually on the hook for. The non-guaranteed column reflects a projection based on the insurer’s current assumptions, things like dividend scales, interest crediting, or expense charges, none of which are fixed and all of which can change. Read the guaranteed column first. Treat every number in the projected column as a possibility, not a promise.
Dividends, where illustrated, sit entirely in the non-guaranteed column. They depend on the insurer’s actual experience and can be reduced in a given year, no matter how confidently they were illustrated when you bought the policy.
Every policy also comes with a free-look period, typically somewhere between 10 and 30 days, with the exact length set by your state, during which you can return the policy for a full refund if it isn’t what you expected. State insurance departments, including consumer guidance published by the California Department of Insurance, urge buyers not to let that window pass unread.
None of this, the illustration, the agent’s explanation, the marketing brochure, is what actually governs your coverage. The policy contract itself does. If a claim, a feature, or a promise matters to you, find it in the policy language, not the conversation. The same honesty applies in reverse: misstating your own health or habits on the application, even by omission, is one of the more common reasons a claim gets challenged years later, which Why Life Insurance Claims Get Denied (and How to Fight) covers directly.
You Already Bought One. Now What?
If you already own a whole life or other permanent policy and you’re having second thoughts, this section is for you, and it starts with what not to do.
Surrendering typically means a surrender charge in the early policy years, plus income tax on any gain above your total premiums paid, and if there’s an outstanding loan, the tax bill can be larger than the cash you actually receive. None of that means surrendering is always wrong. It means the decision deserves real numbers, not a guess.
There are options short of full surrender. Reducing the death benefit lowers your ongoing premium while keeping some coverage. Using the accumulated cash value to pay future premiums can extend a policy you can no longer afford to keep funding out of pocket. A reduced paid-up option converts the policy to a smaller, fully paid policy with no further premiums due. And a tax-free exchange into a different policy, under the tax code’s Section 1035 exchange provision, lets you move the cash value into a new contract without triggering the tax bill a surrender would create. Each of these carries real trade-offs that depend on your specific policy, and they’re worth discussing with a professional rather than deciding alone.
You can also sell certain policies to a third party for more than the surrender value, sometimes called a life settlement, an option with its own risks and considerations that’s outside what this article covers.
Route this decision to a fee-only professional, someone who isn’t paid based on what you do next, before you act. And to be direct about something this article won’t do: it isn’t going to tell you what to do with a policy you already own. That decision depends on details only you and a professional looking at your actual policy can weigh properly. Many people bought permanent coverage on the recommendation of someone they had no real way to evaluate at the time. That’s not a reason to feel foolish. It’s a reason to get an independent second opinion now.
Frequently Asked Questions
- What’s the difference between term and whole life insurance?
- Term covers a fixed number of years and pays only if you die within them. Whole life covers your entire life as long as premiums are paid, and it builds a cash value, all inside a single, larger premium.
- Which one do most people actually need?
- Most people with a mortgage, young children, or a working spouse need term, because the need is temporary — the years someone depends on your income — and term is built to cover exactly that.
- How much more expensive is whole life than term?
- Substantially more for the same death benefit. The exact multiple depends on your age, health, and the specific policy, so get quotes for both and compare them directly rather than relying on a general rule of thumb.
- Does term life insurance have any cash value?
- No. A standard term policy has no cash value at any point; it’s pure protection, with nothing to borrow against or surrender.
- What happens to the cash value when I die?
- On most standard permanent policies, your family receives the death benefit, not the death benefit plus the cash value. Certain riders and policy designs work differently, so check your own policy’s death benefit option.
- Can I borrow against my policy, and what does it cost me?
- Yes, once a permanent policy has built enough cash value. The loan accrues interest, and any unpaid balance reduces what your family receives at your death.
- Is cash value life insurance a good investment?
- It functions more as a forced-savings-and-insurance hybrid than an investment. Early years return little because of built-in costs, and a dedicated investment account usually outperforms it over time, though the guaranteed, forced nature is a genuine behavioral benefit for some buyers.
- What happens when my term policy expires?
- Coverage simply stops. Nothing is paid out, and you’re no longer insured under that policy.
- Do I get my money back at the end of a term policy?
- Not with a standard term policy. A return-of-premium term variant exists that refunds premiums if you outlive the term, at a meaningfully higher ongoing cost.
- Can I convert term to permanent without a medical exam?
- Often yes, if your policy includes a conversion rider, subject to a deadline (a specific policy year or an age cutoff, commonly around 65 to 70) and the permanent products your insurer offers.
- How long a term should I choose?
- Match it to the years someone would actually depend on your income. Working out the right coverage amount to go with that length is covered in How Much Life Insurance Do I Need?
- Does “buy term and invest the difference” actually work?
- Arithmetically, yes, if the difference is actually invested every month for decades. Behaviorally, it often doesn’t, because many people never invest the difference consistently, which is the strategy’s real-world failure point.
- Is whole life insurance a scam?
- No. It’s a legitimate, regulated product that’s often mis-sold to people who don’t need it. The product isn’t the problem; the mismatch between it and the buyer’s actual need is.
- Why do agents recommend whole life?
- Partly because it’s genuinely right for some buyers, and partly because state insurance law structures first-year compensation on permanent policies differently, and typically higher, than on term. That’s a real incentive worth knowing about, not an accusation against any individual.
- When is permanent coverage genuinely worth it?
- When a need doesn’t expire: a lifelong dependent, estate liquidity, a business buy-sell agreement, or maxed-out tax-advantaged savings paired with a long time horizon.
- Should I cancel my whole life policy?
- This article can’t tell you what to do with an existing policy. Never cancel one before replacement coverage is already in force, and talk to a fee-only professional first.
- What does it cost to surrender a policy?
- Typically a surrender charge in the early policy years, plus income tax on any gain above what you’ve paid in premiums; the tax mechanics are covered in more detail in Is Life Insurance Taxable? Payouts, Cash Value and More.
- What’s the difference between the guaranteed and projected columns?
- The guaranteed column is the only one the insurer actually promises. The projected, or non-guaranteed, column shows one possible scenario based on current assumptions, like dividends or interest crediting, that can change.
This article is for educational and informational purposes only and is not insurance, tax, legal, or investment advice. AdvoraHQ is not an insurance agency or a licensed producer, recommends no insurer or policy, and earns nothing from any purchase. Premiums, policy features, riders, conversion terms, surrender charges, dividend practices, free-look periods, and illustration requirements vary by insurer, by policy, and by state, and change; your own policy documents govern. Any figures shown are illustrative unless a source and date are given, and are not quotes. The tools on this page use only the figures and answers you enter, store nothing, send nothing anywhere, apply simplified assumptions, and do not recommend a product, an amount, or an insurer; any return figure is an assumption you supply and not a forecast. Never cancel or surrender existing coverage before replacement coverage is in force. Consult a licensed agent in your state and, for the financial side, a fee-only professional who is not compensated based on what you buy.
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Daniel Hayes is the founder and sole researcher at AdvoraHQ. He covers U.S. personal finance, insurance, and consumer law — working directly from IRS publications, federal and state statutes, court opinions, and SEC filings rather than secondary summaries. His focus is the gap between what readers think they know and what the source documents actually say. Daniel is not a licensed attorney, CPA, or financial advisor; his articles are educational and not personalized advice. Reach him at Daniel.Hayes@advorahq.com.
