What is Permanent Life Insurance?
Permanent Life Insurance - most commonly known as Whole Life Insurance, differs from term life insurance in so far as you don’t have to select a policy term or end date. The policy lasts your entire lifetime, as long as you continue to make your payments.
Specific situations: Whole life insurance is for you if you want coverage that lasts for your entire life and builds cash value with a guaranteed return. If you want to leave a legacy to your family, guaranteeing that there will be money for your kids or even grandkids, then whole life coverage may be right for you.
Details on whole life insurance:
Whole life insurance is a cash value life insurance policy that grows tax-deferred. That means that a portion of the premium you pay goes into a “cash value” sub-account. You can then invest and grow it tax-deferred (similar to a traditional 401k). As your cash value grows, you can even use the cash value to pay your premiums.
If you would like more information or to receive your personalized illustration please call us at 484-919-5423.