Permanent Life Insurance
Lifetime protection in the form of an asset
Permanent insurance provides a guaranteed benefit and an opportunity to grow your wealth.
A one-time tax-free benefit payment to your chosen beneficiary upon the death of the insured.
Policies contain cash values that can grow over time in a tax-free account.
Know that your contributions into permanent insurance are guaranteed to pass on to your beneficiaries.
You can pay for your policy in full in a shorter amount of time.
What is permanent life insurance and how does it work?
Life insurance provides coverage on the life of the insured. Should the insured pass away, the life insurance company will provide a tax-free lump-sum benefit payment to your chosen beneficiaries.
Permanent life insurance is coverage for life with an opportunity for tax-free growth. The two most common types of permanent life insurance are universal life and participating life (sometimes referred to as whole life). Universal life and participating life insurance can both act as an asset if the cash value within each policy is used effectively. You typically pay the same premium for the duration of the policy, although there are options to 'pre-pay' for your coverage in a shorter amount of time.
An advantage of permanent life insurance is the cash value that can build up within the policy tax-free. This cash value can grow in a market-like environment and be collateralized when obtaining a loan. Permanent life insurance can be a highly effective tool when tax planning if used correctly. An Insurance Specialist from our team can help you determine what options are best suited for you.
Factors that Influence Coverage Costs
How Do I Determine What Coverage I Need?
One of our Insurance Specialists can help determine the appropriate coverage needed but below are some factors to consider.