Permanent life insurance is exactly what it sounds like: a life insurance policy that provides coverage until death (given that all payments are consistently made). There is no expiration or specified term in which the policy provides coverage for, hence, making the policy permanent. Permanent life insurance also builds a cash value; this is because when payments are made, a portion of the payment is for policy coverage itself, and the rest essentially goes into a savings account. This account grows tax-deferred over time, and also allows for policyholders to borrow money from. Whole life insurance, universal life insurance, and variable life insurance are all examples of permanent life insurance policies. Each of course has its own unique benefits, depending on what advantages you would like your policy to have. Click here to instantly receive a free quote from a licensed agent today, and give yourself the peace of mind in knowing that your family is taken care of

Is it right for me?                                         

• Permanent policies can offer protection for a lifetime and keep payments “locked in”, since premiums do not increase with age
• Since permanent life insurance policies are very likely to pay a death benefit, the premiums are typically more expensive than term life insurance policies
• Permanent life insurance builds tax-deferred cash value, which can be accessed to provide funds for any future needs, including college or retirement
• If at any time the policy is cancelled, the accrued cash value, after any withdrawal charges, is yours to keep

Different Types of Permanent Life Insurance

Whole Life Insurance

Whole life policies are the most fundamental permanent policies, offering a fixed premium and guaranteed cash value accumulation with all of the above mentioned benefits of permanent policies. Whole life policies typically have a guaranteed interest rate.

Universal Life Insurance

Universal life policies usually have all of the above benefits, with more flexibility in payments. After sufficient cash value is built into the policy, the policyholder has the option on when and how much to pay, allowing you to skip or reduce payments. Changes can generally also be made to the death benefit without having to purchase a new policy, making it more affordable.

Variable Life Insurance

Variable life insurance has a similar foundation as whole life insurance, except it gives you, the consumer, the options on where to invest your premium while also giving you the risk. This allows for a greater cash value accumulation and higher rate of return if the market performs well, but also has the potential of decreasing your cash value and/or increasing your premiums. As with universal life insurance, variable life insurance policies can usually have changes made to the death benefit, within limit.