What is Permanent Life Insurance?
Permanent Life Insurance such as Whole Life, Universal Life and Index Universal Life, differs from term life insurance in that it does not expire for a lifetime, as long as the policy owner continues to pay the insurance premiums. This type of policy also allows an accumulation of cash value at a minimum interest rate. These premiums typically remain the same or level, and the death benefit paid to the beneficiary is nontaxable. The key benefits of securing a permanent life insurance policy is that it ensures life insurance protection for the entire life of the insured, and it also provides a death benefit to the beneficiary regardless of the age of the policy.Permanent life insurance will provide financial security for your family/dependent/other beneficiary during your lifetime and after your death. The amount you choose will be dependent upon several parameters, including your current financial situation, age, health status and other factors.
The premium rates of cash value insurance policies are generally higher compared to term life insurance. However, if you plan on keeping this insurance for a very long time, this may be the most cost-effective choice because term insurance on renewal goes up as you age. Another advantage of cash value life insurance is that it can eventually build up enough cash so you no longer have to pay premiums. Life insurance companies have many versions of these features. Remember, the cash is always there if you need it for things such as medical emergencies, retirement, children’s education, and other needs.
LifeQuote offers a quick and easy process that allows you to find the most affordable term life insurance policy on the market, from only top-rated insurance companies that you can trust. Many of the nation’s largest insurance carriers often offer the lowest rates because they have the resources necessary to compete for your dollars. At LifeQuote, we are more than insurance experts – we take the time to learn about you, your family and your preferences before recommending a life insurance policy.
We offer several features to help make the process of finding the right life insurance as simple and painless as possible. From live chat to an easy-to-use calculator that helps you to better identify your insurance needs, we have a user-friendly tool to help you every step of the way.
To compare quotes, simply click get a quote and you will be taken to a page that asks you to complete a form. If you’re unsure of how much coverage you need, or how long the term should be, click start a chat to connect with one of our knowledgeable representatives immediately. You can also send us an email or call our licensed agents at 1-800-521-7873.
Find out more about the differences between term insurance and permanent life insurance and the advantages below: