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Permanent Term Life Insurance

There Is No Such Thing, Or Is There?

Permanent term life insurance. What a ridiculous idea...there is no such thing. Term life insurance is temporary life insurance and whole life and all cash value policies are permanent life insurance policies. I would have thought that way a few years ago but with such rapid and innovative product development in the life insurance business the phrase "permanent term life insurance" may not be so outlandish after all.


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Does Permanent Term Life Insurance Exist

  • Temporary Insurance

    What makes a life insurance policy temporary? You buy a policy for 5, 10, 15, or 20 years. You intent is either to protect your loved ones in the event of your premature death or you buy the policy for business purposes...to fund a buy-sell agreement, for key employee insurance etc.

    One of the most frightening things a policy owner can experience is the knowledge that his policy term is running out and because of bad health he cannot qualify for another policy. He either arrogantly or simply inadvertently allowed the period in which he could convert the policy pass without doing anything about it. He expects to live for a while yet but he may never be able to get any life insurance again.
  • Permanent Insurance

    Had this same individual had a permanent life insurance policy he would not have those concerns. The premium for his policy would have been higher but the policy would last until age 100...and upon his death the proceeds would be paid.
  • Permanent Term Life Insurance

    The life insurance companies have thought of the possible problems that could arise if you owned either a term policy or a permanent policy. They do give the owners of term policies the option of converting their policies within a specified period of time...but they have gone a bit further...

    They have developed and refined their 20 year term policies, their 25 year term policies and their 30 year term policies to such a point where they are a lot more affordable than they used to be. They have lowered the premiums. Some life insurance companies even give you the option of continuing the policy for an additional specified period of time at a higher premium. These are term policies but they sound kind of permanent don't they? This looks like a permanent type term life insurance policy...wouldn't you say?

The cash value of a life insurance policy is the thing that the industry used to differentiate permanent from term policies. Today we even have return of premium term policies...they sound kind of like permanent term life insurance. These policies return the premium paid at the end of the term period. Some people may say why don't the insurance companies develop a return of premium policy that would last until age 80, age 90 or age 100...that would truly be permanent term life insurance. May be they will develop such a policy...but I think the premiums would have to be too high and it would therefore be unattractive to the consumer.


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