Permanent life insurance

Permanent life insurance

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Permanent life insurance

Permanent life insurance is any form of life insurance other than term. Examples are whole life, universal life and variable life. These policies combine term life insurance with a long-term, tax-sheltered savings plan.

Whole life is the most basic type of Permanent life insurance. It provides coverage that lasts a lifetime and also builds up a cash value that you can borrow against, withdraw or use to pay future premiums. A life insurance policy with a cash value is ideal for:

  • Those who have a lifetime need for insurance protection
  • Individuals who prefer stable premiums over the life of the policy
  • People who want a policy that allows them to build tax-deferred values
  • Those who value the high degree of coverage the policy affords

While rates for a whole life insurance policy remain stable over the life of the policy, premiums are initially more costly than those of term insurance policies.

 

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