Permanent Life Insurance
Life Insurance To Age 100
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 life insurance. Here is how it works.
- Guaranteed Death Benefit And Premiums.
The whole life policy has a guaranteed death benefit which remains level for as long as the policy is in force. This policy remains in force for the rest of your life even if it is to age 100. The premiums are guaranteed to remain level for the duration of the policy. Whole life insurance is a true permanent insurance policy. It can never be canceled by the life insurance company.
- Cash Value Accumulation.
All whole life insurance policies have guaranteed cash values, which are available to you if the occasion should arise where you need to put your hands on some cash in an emergency. You can take the cash in the form of a loan or you can surrender the policy. The cash value in this permanent policy, or whole life policy usually accumulates free of income taxes.
For a very long time the incentive to buy permanent life insurance was the cash value and
you would receive when you owned such a policy. Most whole life insurance policies participate in the gains and surplus of the life insurance company, they earn dividends as a result. You can elect to take your dividends in cash, you can leave them to accumulate interest, you can elect to have them purchase paid up additions or apply them to the reduction of your premiums. Paid up additions are single premium life insurance policies purchased by a single years dividend and added to your policy. These paid up additions also have cash values and earn dividends. Dividends are not guaranteed.
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
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