LIFE SOLUTION
Permanent Life Insurance
What you should know about Permanent Life Insurance
As the name suggests, Permanent Life Insurance stays in place your whole life. It’s guaranteed to never expire, as long as you pay your premiums.1 And, those premiums are guaranteed to never increase.2 It’s a smart way to ensure your family receives a death benefit no matter how long you live. “Lifelong protection and the potential for cash value growth.”
The value of cash value
Another valuable benefit of Permanent Life Insurance is what’s known as a “cash value.” The cash value portion of a Permanent Life Insurance policy takes a part of your premiums and lets it grow at an attractive rate of return. You can borrow from the cash value during your lifetime for any reason you choose.This makes a permanent life policy great for those who have maxed out their tax-advantaged retirement savings plans.
The financial considerations of Permanent Life Insurance
We’ll be honest—because of the benefits it offers, Permanent Life Insurance usually comes with larger premiums than term life. For most families, buying enough whole life insurance to fully meet their protection needs would be outside their budget. But getting a whole life policy and blending it with term life insurance can help you protect your loved ones throughout the different stages of your life.
Reasons to consider Permanent Life Insurance:
- Coverage is guaranteed to never expire
- Premiums are guaranteed to never increase
- Cash value will grow over time
- Guaranteed tax-free death benefit
- The ability to borrow from the policy’s cash value while you’re alive
- A variety of premium payment schedules