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Permanent Life Insurance Policy

What is Permanent Life Insurance?

It's pretty much what it sounds like - permanent life insurance protects you, and your ability to accumulate cash, for the duration of your life. Unlike term insurance, permanent life insurance stays in force for as long as you pay your premiums. Of course, because you're paying over a longer period, this type of insurance can be costly. So it’s better to find a permanent life insurance quote first and then proceed.

Why Would You Need Permanent Life Insurance?

You might wonder why you'd need life insurance over a long period of time. Well, imagine that you die the day after your youngest kid graduates college. Then imagine that your spouse outlives you by 30 years. Without life insurance, how are they going to maintain a decent lifestyle? And how can you hope to have anything to leave to your grandchildren? There are other factors as well. Getting a permanent life insurance quote through licensed websites can thus change your future.

Cash Value

Permanent life insurance is often called cash value life insurance, or cash surrender insurance. This is because permanent life insurance builds up a cash value over a period of time. In order to understand this, go through permanent life insurance quote online. You can also use the cash value for anything that suits you - a down payment on a second home, your child's education, or your retirement fund. It's tax deductible, too.

If you want to stop making payments on your insurance, you can also use the cash value to continue your coverage.

Whole Life or Ordinary Life

There are two different types of permanent life insurance - whole life and ordinary life. Do you like consistency and predictability? If you do, then whole life insurance is likely your best choice. It provides you with a definable death benefit, and a guaranteed rate of return. This can be determined by finding some permanent life insurance quotes. You'll also be guaranteed that your premiums will never increase.

Whole life policies also offer you the opportunity of earning dividends. That means that you cash value will grow, and your death benefit could be enhanced.

Variable Life

This type of insurance provides variable cash values and death benefits that depend on how well your investments are doing. If you want to know more, just log on to a licensed permanent life insurance website and get a permanent life insurance quote. Basically, you allocate your premiums among various investments. You're assuming a certain level of risk, and shifting a lot of the risk of investments from the insurance company onto yourself. If the investments do well, you benefit. If they don't, well, not to worry much.

Universal Life

This type of insurance offers adjustable premiums. If you have cash on hand, you can invest more. If you're tapped out, you can invest less. After your additional payment, you can pay just about any amount, subjected to certain maximums and minimums. This type of policy also guarantees a certain rate of return, but that's on the understanding that your policy may not increase in cash value.

Why would you want this type of policy? It's simple - it will provide you with coverage for life, and it will never lapse. Additionally, you get free permanent life insurance quotes that save your precious time and money as well. Your death benefit is guaranteed, and you can always adjust your premiums.

Variable Universal Life

This type of insurance is permanent, flexible, and allows you to determine how your premium dollars are allocated toward various investments. If your needs change, you can increase or decrease your level of coverage. Permanent life insurance quotes can make your search easier.

Conclusion

There are many types of permanent life insurance policies that can work for you. Shop around, look out for some permanent life insurances quotes online and consult with an Arbor Insurance Agent to determine the option that is best for you.