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
happen to your family if you died? Would they be provided for?
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Whole Life Insurance
As mentioned above whole life insurance is permanent type life insurance policy. 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
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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Since term life insurance cost so little it could be the perfect policy for today. I believe that everyone needs some life insurance at some time during their lifetime.
The raging fires of the debate as to whether term life insurance is superior to permanent life insurance have cooled somewhat even though some so called experts hold fast to their beliefs.
Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.