Permanent life insurance provides you coverage for your entire life, and can help you accumulate a cash value over time, either through the payment of dividends, or by funneling a percentage of your premiums as savings for you. This means that in the event of your passing—regardless of when it occurs—your beneficiaries will receive the policy benefit. Depending on your policy, beneficiaries may also have access to the cash savings accrued over time.
While Permanent Life insurance is relatively more expensive than a term policy, it will last throughout your lifetime, and the tax-sheltered investment component might make it the right choice for you.
Several forms of Permanent Insurance options are available with varying amounts of flexibility and affordability, allowing you to prioritize according to your needs.
|Guaranteed premiums||Yes||Yes||No – Can increase or decrease to suit your budget||Yes|
|Savings Component||Yes||Yes – Dividend is based on the insurance company’s performance||Yes – Investment portfolio is customizable||No|
|Learn more||Learn more||Learn more||Learn more|
If you have any questions about life insurance, we’d be happy to help. Speak with an insurance expert at Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email us at email@example.com.