Permanent Life Insurance
What is it?
Unlike term life, permanent life insurance lasts your whole life and combines a death benefit with a savings portion. This savings portion can build a cash value, allowing the owner to borrow funds, or in some cases withdraw the cash value to help meet future needs. The two main types of permanent life insurance are whole and universal life insurance policies.
why do I need it?
The need for life insurance often remains after your kids have grown or your mortgage has been paid off. If you were to pass away the day after your term policy expires, it’s entirely possible your spouse could live another 10, 20 or even 30 years. Even if that doesn’t happen, health issues later in life can make it difficult to get new coverage. Permanent life insurance doesn’t expire as long as premiums are paid. It can help meet the ongoing financial needs of your spouse, cover the cost of your final expenses, or even provide you with a tax-advantaged supplement to your retirement income.
all greek to you?
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