Permanent Life Insurance Explained

Permanent Life Insurance (whole or universal) can best be described as any Term life insurance policy that renews indefinitely. The policy renews and premiums go up at the time of renewal. The benefit to this type of policy is that you are always guaranteed to be eligible for your insurance coverage, so long as you make your premium payments. Fail to make your payment for over 31 days and you are left with no coverage, having to go through the medical examinations and questioning again.

These policies are permanent solutions that last a lifetime.

With Whole Life, your death benefit is guaranteed to never do down… even at age 99. Your premiums (the amount you pay for the coverage) never go up. So, you never pay more and you never have less benefits for your beneficiaries.

The beauty of Whole Life is that cash value builds in the policy. Not only does it build, but the amount that builds is guaranteed in writing. It also accumulates interest as well, which the rate of which is guaranteed, also.

Permanent life insurance (Whole Life) is your best bet if you can afford a little bit higher premiums than life permanent (renewable term). The guarantees of Whole Life are well worth the added premium charges. Afterall, you want to make sure you can still afford your insurance when you’re retired and in a rocking chair.

The best way to compare life insurance premiums and policies from different companies, is to use a good online quote calculator.

Free tool: Compare Life Insurance Quotes.

Christy Love is a retired life insurance agent with over 30 years of experience in helping people protect what matters most… their families. As an expert author, Christy enjoys sharing her knowledge of life insurance with the online community.

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