What Is Permanent Insurance?

Permanent life insurance is a type of life insurance that provides coverage for the entirety of the policyholder's lifetime. Unlike term life insurance, which only provides coverage for a certain period of time, permanent life insurance provides a lifelong safety net for your loved ones.

Permanent life insurance has several benefits that make it an attractive option for those who are looking for long-term protection for their families. For one, it provides a guaranteed death benefit that will be paid out to your beneficiaries no matter when you pass away. This means that your loved ones will be taken care of financially, even if you pass away many years down the road.

Another benefit of permanent life insurance is that it can build cash value over time. This means that a portion of your premiums is set aside in a savings account, which can grow and accrue interest. You can then borrow against this cash value if you need to, providing you with a source of extra funds in the future.

Additionally, permanent life insurance can provide tax advantages. The cash value of the policy grows on a tax-deferred basis, which means that you don't have to pay taxes on the growth until you withdraw the funds. This can be a valuable way to save for the future and grow your wealth over time.

In conclusion, permanent life insurance is a valuable tool for providing long-term financial protection for your loved ones. It offers a guaranteed death benefit, the potential to build cash value, and tax advantages, making it a worthwhile consideration for anyone looking to secure their family's future.