Permanent Life Insurance

Permanent life insurance provides lifetime protection, and lets you build cash value over time. You can use your cash value to take out a loan for emergencies, fund a major purchase, or send children to college.  Permanent life insurance policies are known by a variety of names: whole, ordinary, universal, adjustable and variable life.

Benefits of permanent life insurance:

Premiums remain constant over your lifetime.

Death benefits will be paid when you die. Also, some insurance companies will advance death benefits to pay for nursing care or terminal illness expenses. (These features are also available for some term life policies).

You can accumulate cash value, tax deferred.

You can withdraw or borrow accumulated cash value.

Whatever type of policy you decide on, life insurance is a long-term commitment. Before buying, ask yourself a few questions:

• How much insurance do I need? What would my dependents need to live comfortably if I died? How much can I afford to pay for a policy?


• Do I want life insurance to do more than replace income? Am I looking for ways to fund future education costs, to pay estate taxes, to supplement retirement or handle emergencies?


• Is the life insurance company I am considering financially secure? How is the company rated by industry experts? Does the company have a good claims payment history and competitive prices?