Life insurance gives you peace of mind. At the time of your death, it provides a financial payout to your beneficiaries and helps ensure their needs are met. Additionally, permanent policies provide benefits while you're alive. Learn why Permanent Life Insurance is a good choice for you and your family.
Stay Covered for Life
From the time you purchase a permanent policy until the moment you die, it covers you. You do not have to worry that the term of coverage will expire.
Purchase a policy when you're young, and it can provide peace of mind throughout your career, while your children grow up, and into retirement. A permanent policy also remains in effect regardless of changes in your health, and certain conditions will not cause your premium to increase.
Save Money
Premiums for permanent policies are generally higher than for term policies, but they do not increase as term premiums can over time.
Permanent policies build cash value that grows on a tax-deferred basis and can be borrowed against for expenses such as education, home repairs, or medical bills. For examples of other specialty coverage offerings, see Permanent Makeup (Micropigmentation) Insurance.
Protect Your Assets
When you die, creditors could make claims on your estate and reduce what your beneficiaries receive. In many cases, life insurance proceeds and cash value are protected from creditors, which helps preserve assets for your heirs.
Cover Estate Taxes
Depending on the size of your estate, federal estate taxes or other settlement costs can be significant. A permanent policy can provide liquidity to pay those obligations so your other assets remain available for beneficiaries.
Ensure an Inheritance for Your Dependents
As you care for children and other dependents, you may also want to ensure they receive an inheritance. A permanent policy can guarantee that funds will be available for your dependents after your death.
Pay for Your Funeral
Funeral and final expenses can be costly; if you have not prepaid these costs, a permanent policy can cover them and relieve survivors of this burden.
Is this kind of permanent policy right for you? talk to your insurance agent today and discuss your needs, then choose the policy that gives your family peace of mind and protection for life.
Frequently Asked Questions
How does cash value in a permanent policy work?
Cash value grows inside the policy on a tax-deferred basis and can be borrowed against or withdrawn subject to policy terms.
Will my premiums ever increase?
For many types of permanent policies, premiums are fixed and do not increase due to age or health changes after purchase.
Can life insurance proceeds be used to pay estate taxes?
Yes, life insurance proceeds can provide liquidity to cover estate taxes and settlement costs so other assets do not need to be sold.
What happens if I need money while I'm living?
You can often borrow against the policy's cash value or make withdrawals, though this may affect the death benefit and tax treatment.
How do I decide between term and permanent coverage?
Consider your long-term needs, budget, and whether you want cash value accumulation; an agent can help compare options.