Permanent Life Insurance

Permanent life insurance is coverage that doesn’t expire. And it combines a death benefit with a savings plan. This savings portion builds value, and the policyholder can borrow funds from the policy. Policyholders can choose between whole and universal life permanent insurance policies.

Whole life policies have a fixed premium that remains unchanged for the duration of the policy. Much like universal life coverage, whole life can accumulate cash which the policyholder can borrow.

A whole life insurance policy is a good choice if you want:

– Premiums that remain the same for the life of the policy
– Cash value accumulation you can use while still alive
– Protection that you can’t outlive as long as your premiums are paid

Universal Life policies offer flexible premiums. You can adjust how much you pay each year by using the accumulated cash. Depending on the policy’s cash value, it may be used to skip a premium, or be left alone to accumulate value.

Potential growth in a universal life policy varies. The insurance company establishes a minimum interest rate. But if the insurer’s portfolio earns more than the minimum interest rate, the insurer can credit the excess interest to your policy.

A universal life insurance policy is for people who want:

– The flexibility to adjust premiums and coverage amounts
– Cash value readily available while the policyholder is alive
– Permanent life insurance protection