Permanent Life Insurance (Whole Life Insurance)
What is permanent life insurance?
Permanent life insurance is often called whole life insurance because it covers you for your whole life. It gives your beneficiaries a tax-free payment after you have passed away. Some plans can build cash value over time. Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy. And some permanent insurance plans let you pay for a limited time and then never again. Universal life and participating life are other forms of permanent life insurance that you may want to consider.
Permanent Life insurance is beneficial if you are:
- Interested in lifetime coverage, and premiums that don't change
- Looking for a permanent guarantee that will help protect your family, cover the cost of your funeral, and let you make plans for your estate