Permanent life insurance is a policy that can be purchased at any time throughout your life and will provide coverage for the remainder of your life, as long as your premiums continue to be paid.
Benefits of Permanent Life Insurance
-You will have life-long protection.
-Permanent life insurance policies accumulates in cash value, with no taxation.
-You can borrow against your against your savings in your permanent life insurance policy.
- With many permanent life insurance carriers, you have the opportunity to earn dividends off your policy.
How Does It Work?
With a permanent life insurance policy, you will pay premiums for your coverage, so that after you pass away, your death beneficiaries will receive a set lump sum. This is called the death benefit. The purpose of the death benefit will be to cover the costs of the funeral expenses, but also to provide financial support to the family after passing.
Your premium rates will be determined based on certain factors such as your health, your family history, your lifestyle choices, and when you choose to purchase life insurance. Also, your premiums may be higher if you choose to purchase more coverage so that your death beneficiaries will receive more funds upon you death.
Should You Purchase Permanent Life Insurance?
Permanent Life Insurance can be the best choice for your needs if you:
-Want life-long protection.
-Have children, or plan to have children, that you will need to provide coverage for in case of emergency.
-Are young and have financial stability to continue to pay your premiums.
-Want to save money and be able to borrow funds from your policy without being taxed.
-Have a business you want to remain upright after your passing.
Permanent Life Insurance Conclusion
With permanent life insurance, you get full coverage for life, and can customize your policy to provide for your family after you are gone. If you desire this level of safety and reassurance to prepare for all the issues, expected and unexpected, that life brings, contact one our agents to get coverage.