Permanent life insurance is limited by any amount of time like a term life insurance policy. Instead if you keep paying the premiums, you will still be covered. Permanent life insurance also takes a part of your premium payment and puts it into a separate account that you can access while you are alive. Below is a breakdown of the different types of permanent life insurance. If you have any questions, please request a consultation and one of our agents will contact you at that time.
| Type of Life Insurance | Pros | Cons |
|---|---|---|
|
Whole Life |
1. Creates savings and can pay for itself if developed properly 2. Level premiums |
1. Insurance company decides where your premium money is invested 2. Not flexible at all. |
|
Universal Life |
1. You can increase or or decrease value of death benefit 2. Premium payments are also flexible 3. You can withdraw money from cash value while you are alive. |
1. Small returns on insurance company investments can lead to paying more premiums. 2. Policy may lapse if you make too small of payments for a period of time. |
|
Variable Life |
1. You choose where premiums are invested. 2. Earnings can be put toward paying premiums. |
1. Investments with poor returns, leads to higher premium payments. 2. You cannot take out any of the cash value. |
| Variable-Universal Life |
1. You can increase or or decrease value of death benefit 2. You can withdraw money from cash value while you are alive. |
1. Cost more than other types of life insurance 2. Need to understand stocks and bonds since you manage it. |
Conclusion: Based on what is above, we recommend that you speak with one of our financial professionals to consult you in deciding the best life insurance for your situation. Please request a quote below or request a consultation and we will get back to you the time you want with the answers you need.