Permanent Life Insurance
Coverage
Cash Value
Deferred
What Is Permanent Life Insurance?
Permanent life insurance provides coverage for your entire life at a fixed rate. Common types of permanent life insurance include: Whole Life Insurance, Guaranteed Issue Whole Life Insurance, and Universal Life Insurance, all of which are designed to cover you until your death. With permanent life insurance, your beneficiaries are guaranteed death benefits, so you can live worry free. Like with any important purchase, you should choose life insurance coverage that fits your individual needs.
Benefits and Features of Permanent Life Insurance
In addition to life-long coverage, the cost of Permanent Life Insurance is set at level premiums (also referred to as fixed rates). Level premiums ensure the amount you pay towards your policy will remain unchanged after you secure a policy, so long as you make your premium payments on time. These payments are based on your Permanent Life Insurance quote and the type of Permanent Life Insurance you select; payments can usually be made on a monthly, semi- annual, or annual basis. Generally, how long you make payments also depends on the type of permanent life insurance you get; however, coverage lasts a lifetime, but payments stop at a pre-determined age.
Permanent life insurance may also have a cash value benefit associated with it. With cash value life insurance, a portion of your policy earns interest and could be available for you to withdraw in case of an emergency. You can learn more about cash value life insurance by clicking here.
Permanent Life Insurance
vs Term Life Insurance
| Term Life Insurance | Permanent Life Insurance |
|---|---|
| Provides coverage for a limited time period (term) | Provides lifetime coverage |
| Provides a death benefit, but typically no cash value | Cash value accumulates over time and creates an asset which may be used during your lifetime |
| Less expensive form of life insurance | Life-Long Level premiums |
| Renewable or convertible | Tax Deferred |
Converting Your Term Life Insurance to a Permanent Life Insurance Policy
If you currently hold a term life insurance policy, you may be able to convert that coverage into a permanent life policy. There are many benefits to converting your Term Life Insurance policy to Permanent Life insurance and it’s free. Determine if converting your insurance is the best option for you by using our resources.
Types of Permanent Life Insurance
| Universal Life | Whole Life | Guaranteed Issue Whole Life | |
|---|---|---|---|
| Tax Deferred | done | done | done |
| Fixed Rate of Premium | done | done | done |
| Coverage for Life | done | done | done |
| Flexible Death Benefit | done | ||
| Medical Exam Required | done | done | |
| Age Restrictions | done | ||
| Coverage Amount | $50,000 - $10,000,000$50K-$10M | $50,000 - $10,000,000$50K-$10M | $5,000 - $25,000$5K-$25K |
| Learn More | Learn More | Learn More |
Whole Life Insurance
- Life-long coverage at a fixed rate that doesn’t expire.
- Taxed Deferred
- Fixed Death Benefits
- Accumulates Cash Value
Learn more about Whole Life Insurance and how it could help your family
Universal Life Insurance
- Life-long coverage at a fixed rate.
- Flexible Premiums
- Flexible Death Benefits
- Accumulates Cash Value
Find out more about Universal Life Insurance and decide if it's right for you
Guaranteed Issue Whole Life Insurance
- No Medical Exam Life Insurance
- Guaranteed Acceptance Whole Life Insurance specifically designed for Seniors age 50-80
- Coverage from $5,000-$25,000
- No Medical Exam or Health Questionnaire
- Living Benefits
Learn more about Guaranteed Issue Whole Life Insurance with no medical exam
* Please see your policy for more details.