Permanent Life Insurance, also known as Whole Life or Universal Life is life insurance that is designed to stay with you until the inevitable occurs. These policies work the same way term policies work in the event of a death, but unlike term policies they have an investment portion attached. Permanent life insurance does not have a term limit. It is designed to stay with you over the remainder of your life.
Permanent Life Insurance
Permanent Life Insurance
There are several options for permanent life insurance such as Variable, Universal and Whole. All of these have an investment portion designed to keep the policy in place permanently.
- Life Insurance Until the Day you Go
As long as these policies are funded and managed correctly, they will stay with you until that fateful day. - Cash Value Policy
All permanent policies earn cash value. Variable, Indexed and Whole life all have different means of accomplishing this. Some are more aggressive and some more conservative. The type of policy you choose really depends on your age and goals. - Forever Tax Free Income
Cash values in permanent policies have significant tax benefits when it comes to using the money that has accumulated. Many retirees are using their life insurance policies as 100% tax-free income vehicles while still maintaining a death benefit to their beneficiaries. - No Risk of Financial Loss
Most financial products participate in market gains and losses. Likewise, some permanent life insurance policies also participate in these gains and losses. However, there are some permanent policies that allow you to participate in market gains while providing immunity to market losses.