permanent life insurance
policy does not terminate at any given time as long as adequate premiums are paid***Generally more expensive than term policies and have a death benefit and cash valueClients can borrow against the cash value or use it for future goals like education or retirement
Permanent life insurance is a type of life insurance policy that provides coverage for the entirety of the policyholder’s lifetime. Unlike term life insurance, which provides coverage for a specified period, permanent life insurance often includes a cash value component that grows over time, allowing the policyholder to accumulate savings while still ensuring their beneficiaries receive a death benefit.
There are several types of permanent life insurance policies, including whole life, universal life, variable life, and indexed universal life. These policies differ based on their specific features and benefits, but they all provide long-term protection and investment potential.
One of the benefits of permanent life insurance is that the premiums remain level for the life of the policyholder, unlike term life insurance policies where premiums increase at the end of the term. Additionally, permanent life insurance policies can be used to accumulate wealth that can be accessed tax-free during the policyholder’s lifetime.
However, permanent life insurance can be more expensive than term life insurance, and the cash value component is subject to market fluctuations, which can affect its value. It’s important to carefully evaluate whether a permanent life insurance policy is the right choice for your specific needs and goals before making a purchase.
More Answers:
Understanding Preferred Provider Organizations (PPOs): Benefits and Drawbacks ExplainedMaximizing Healthcare Cost Savings with Point of Service (POS) Delivery Model
Secure Your High-Value Belongings with Personal Property Floater Insurance