Jul 27, Permanent Life Insurance – See What Permanent Life Policies Are About
There are 2 types of life insurance, permanent life insurance and term life insurance. Much time is spent discussing term life now let us take a few minutes to talk about permanent life.
- What Is Permanent Life Insurance?
A permanent policy is one which you can keep for as long as you want to keep it even if it is for the rest of your life…even up until age 100. Permanent policies usually have a cash value that you can fall back on in the future if you need to.
Some permanent life policies pay a dividend in addition to the cash value if the company with which you have your policy does a good job with their investments and are good at keeping their expenses down.
- Different Types Of Permanent Policies
There are many different types of permanent policies. You can buy a policy in it’s traditional form or you can buy modified versions of the whole life policy.
You can buy a insurance policy which has a base and is hooked up to a savings plan or you may elect to invest into a life policy. This plan is whole life based and is hooked up to an investment plan. A special license other than a life insurance agents license is required for the agent to sell variable life insurance.
- Recommended Types
There are many opinions as to what is the best permanent life plan to buy. The life insurance companies also get very creative when designing a plan. Some of them have a pretty low premium and at the same time have a break even point where cash values plus dividends equal total premium paid. This is the type I like and own.
Keep in mind that dividends are not guaranteed.
Shop and compare rates for quality life insurance.
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