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Permanent Life Insurance

Permanent life insurance, as its name indicates, covers you throughout your lifetime. For as long as you keep up your premium payments, the policy will be in effect (your beneficiaries will receive death benefits). Permanent life insurance is also often referred to as whole life insurance.

Who Should Get Permanent Life Insurance?

The answer to that is almost anyone. Many people think that when their children have long graduated and moved out of the house, the need for life insurance ceases to exist. However, even if you are debt-free and the mortgage has been paid, if you should suddenly die, your spouse would still have financial responsibilities.

If your spouse outlives you for many years, a permanent life insurance policy would provide a great financial safety net for his or her retirement. Furthermore, a surviving spouse will be given the option to live at home for as long as possible—as opposed to the possibility of having to be rushed off to a nursing home before he or she is ready. It is also a great way to build an inheritance for the next generation since a permanent life insurance builds in value over time.

Permanent Life Insurance – The Pros

The advantages of a permanent life insurance policy is twofold.
First, it has such a substantial cash value that permanent life insurance is often called cash value insurance. This type of insurance grows substantially over time, while providing a contingency fund for the surviving family of the policyholder.

Second, a permanent life insurance policy is a great way to accumulate cash on a tax-deferred basis. This means that you can pay your premiums with pretax dollars—the amount of your premium being deducted from your taxable income. Having permanent life insurance not only decreases your current tax liability it also allows you to build cash tax-free!

Moreover, a permanent life insurance policy is so valuable that you will be able to borrow against it should a need arise in the future. You have the option to borrow against it to…

  • Make a down payment on a home
  • Pay for a college education
  • Provide a retirement income

A permanent life insurance policy’s cash value can serve as good collateral for almost any loan—and the rates are relatively low!

Permanent Life Insurance – The Cons

The very thing that makes permanent life insurance attractive (its high monetary value) is the same reason people are dissuaded from purchasing it.

Since permanent life insurance policies are intended and PRICED for lifelong coverage, they cost much more than term or temporary policies. So if you think you may, for some reason, not be able to keep up payments, then it would save you lots of money—and regret—to opt for a term policy instead.

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