Permanent Life Insurance
Permanent life insurance provides protection for your entire lifetime along with the ability to accumulate cash
value on a tax-deferred basis. Unlike term insurance, a permanent life insurance policy will
remain in force for as long as you continue to pay your premiums. Learn more about permanent life insurance as well
as the different types of coverage.
An important feature of permanent insurance is the ability to earn build cash value over time. Cash values
accumulate on a tax-deferred basis and can be borrowed if you need it. It is considered a loan, and you must repay
it along with interest or your beneficiaries will receive a reduced death benefit.
If you had to stop paying your policy's premiums, the accumulated cash value can be used to cover policy's
premiums for a certain amount of time. If you decide to surrender your policy, the accumulated cash values can be
Whole Life Insurance
Whole life insurance provides a guaranteed death benefit, guaranteed cash values, and a guaranteed level
premium. Another benefit of whole life insurance is dividends. Dividends are a way for the company to share its
growth with the policyholders.
Universal Life Insurance
Universal life insurance allows you to allocate premiums to various
investment options, depending on your risk tolderance. This type of coverage is most suitable for those who are
comfortable with taking a risk in order to gain higher returns. If the investment portion of the policy performs
well, you have the potential for greater cash value and a higher death benefit. It works the other way as well- if
the investments perform poorly, the cash value and death benefit will decrease.
Variable Universal Life Insurance
Variable universal Life insurance is a flexible premium, permanent life insurance
policy. This type of universal life insurance allows you to allocate your premium into various investment
options, depending on your risk tolerance. Many people choose this type of policy because of its flexibility
because you can increase or decrease your coverage amount. You may also skip a payment and let the cash value cover
the expenses of the policy. And, should an emergency arise and you are short on cash, you may be able to skip a
scheduled payment and let the accumulated cash value cover the policy's expenses.