As the name implies, permanent life insurance is the type of insurance that you will keep for a lifetime. This type of life insurance can never be taken away from you. It never expires. The face amount of the policy will be paid upon the death of the insured. The premiums remain level for as long as you keep the policy. Some types of life insurance which are considered to be permanent life insurance policies are whole life insurance in all its different forms, universal life insurance and variable life insurance.
There is nothing more important than your family's security. What would
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Whole Life Insurance
As mentioned above whole life insurance is permanent life insurance. Here is how it works.
Universal Life Insurance
Another type of permanent life insurance policy is the universal life insurance policy. This type of insurance is a combination of term life insurance coupled with a saving element. Universal life insurance can be described as an adjustable benefit life insurance with flexible premiums. This affords you the privilege of adjusting the amount of insurance to fit your needs. you can also adjust the amount applied to saving. Depending on the amount of insurance requested evidence that you are in good health may be required. Account values of a universal life insurance policy grow tax deferred.
Variable Life Insurance
Variable life insurance is yet another type of permanent life insurance policy. This type of insurance allows you to invest the bulk of your premiums in one or more investment funds such as stocks, bonds, money market etc. You also have the right, to switch from one investment to another. The policy has a guaranteed death benefit. Because this variable life insurance policy can be considered an investment, and because you are investing in securities, any illustration or proposal must be accompanied by a prospectus. The agent who sells these policies must have a license to sell life insurance in the state where he is domiciled as well as an NASD license. You are urged to read the prospectus carefully before committing to the purchase of this policy.
Variable Universal Life Insurance
Variable universal life insurance combines permanent life insurance with a diversified investment portfolio. You have the option of deciding how much of your hard earned dollars go into investments and how much is applied to the purchase of life insurance. Like the variable life insurance policy the proposal for this permanent policy must be accompanied by a prospectus. The agent must have a state license to sell life insurance as well as an NASD license.
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How does life insurance work? What is life insurance all about? What can it do for me?
Cash values are one of the incentives for buying permanent life insurance.
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The waiver of premium rider may be included in any life insurance policy you choose to purchase.
Why do people buy life insurance? We work hard for a living. Sometimes the income earned affords us a comfortable life. In other cases we just barely make ends meet.