Enriching the Lives we Touch

 

 

Permanent Life Insurance

Permanent life insurance is a form of life insurance such as whole life or endowment, where the policy is for the life of the insured.  Payout is assured at the end of the policy, assuming the policy is kept current, and the policy accumulates cash value.

 

Compared with term insurance where insurance is purchased for a specified period and where a death benefit is only paid to the beneficiary if the insured dies during the specified period, and does not accumulate cash value.


Because permanent life insurance is designed to be permanent and pay a death benefit, the cost of insurance is considerably higher than Term Insurance. 

 

 

Other types of insurance to consider:

Term insurance for temporary simplified coverage with no cash value.

 

Whole life insurance policy which provides both a death benefit and a cash value component. The policy is designed to remain in force for a lifetime and premiums stay level and the death benefit is guaranteed.

Universal life insurance for permanent coverage flexibility and less emphasis on cash value

Variable* universal life insurance for permanent coverage and potentially higher cash value through investment options that involve risks including possible loss of principal amount invested.

Disability insurance designed to replace a percentage of earned income if accident or illness prevents the beneficiary from pursuing his or her livelihood.

Long-term care insurance is a policy that pays some or all costs of nursing home care for qualified insureds. Premiums are based on the age of the applicant and are projected to remain stable for the life of the policy. Premium payments stop when the insured meets the qualifications for long-term care, which include medical necessity, cognitive impairment, and inability to carry out certain activities of daily living. Group policies are available.