Permanent life insurance is a life insurance policy that does not expire as long as the policy is in force. Permanent life insurance combines a death benefit with a cash-value component that can allow the policyholder to build up a substantial amount of tax-deferred savings over time. Unlike term insurance which lasts for a specific period, permanent life insurance is designed for life long protection.
Who can benefit from Permanent Life Insurance?
Many people today use permanent life insurance as a wealth building tool as well as to protect their family. This is due to many features and benefits that Permanent Life Insurance provide such as:
USA Permanent Life Insurance provides a wide variety of permanent life insurance products such as Whole Life, Universal Life, Indexed Universal or adjustable Life, Variable Life and Variable-Universal Life.
Whole Life is permanent insurance coverage that guarantees level premiums and the accumulation of cash values. Whole Life insurance is a good choice for long range-goals. There is participating whole life insurance usually issued by a mutual life insurance company where one participates as an owner of the company and there is non-participating whole life insurance issued by a stock life insurance company.
Benefits of Whole Life:
Universal Life Insurance, known as UL, is a flexible-premium, adjustable benefit life insurance policy that can also accumulate account value. Premiums and values are based on projections of assumed interest rates, the cost of insurance and the insurance company's expenses.
Types of universal life insurance include:
Benefits of Universal Permanent Life Insurance:
Like universal life insurance, variable universal life insurance (VUL) combines the protection of term insurance with an accumulation value. In addition, it offers the upside potential of variable investment options. It is also known for its flexibility in premium and death benefits.
Variable Universal Life Insurance Benefits:
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