Life Insurance - Permanent Coverage

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Tommy Groover

Long Term Care & Life Insurance Professional Agent

Life Insurance - Permanent Coverage

There are 3 main types of permanent or whole life policies. These are universal life insurance, traditional whole life, variable life and variable universal insurance. Furthermore, there are variations within each type.

Whole Life Insurance
Guaranteed/Universal Life Insurance
Index Universal Life Insurance

Unlike term insurances, these policies remain active until they mature. Yet, they can lapse due lack of premium payments. These insurances offer the benefits of term policies and also allow growth of capital.

The insurer can only cancel these policies in the event of a fraudulent application. This too must be within a period defined by law. So, Permanent or Whole life policies pay the death benefit whenever the insured dies. Hence, there is no fixed term.

Key benefits of life insurance

Financial security for your loved ones: Life insurance provides a death benefit that can help your loved ones cover expenses such as funeral costs, outstanding debts, and ongoing living expenses.

Estate planning: Life insurance can be a valuable tool in estate planning, helping you ensure that your assets are distributed according to your wishes.

Tax advantages: Depending on the type of life insurance product you choose, there may be tax advantages that can help you save money.

What is the legacy you want to leave behind? To learn more, give us a call and request this FREE National Association Insurance Commissioner's Consumer Guide today. You'll be glad you did.

Whole Life Insurance Universal Life Insurance Variable Life Insurance Indexed Universal Life Insurance Participating Whole Life Insurance Non-Participating Whole Life Insurance Guaranteed Issue Life Insurance Final Expense Insurance Single Premium Whole Life Insurance Survivorship Life Insurance Cash Value Premiums Death Benefit Accumulation Period Surrender Value Policy Loans Dividends Market Performance Fixed Interest Rate Premium Flexibility Risk Tolerance Policyholders Flexible Premiums Investment Options Underwriting Process Permanent Coverage Beneficiaries Policyholder Age Estate Planning Tax Benefits

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Whole Life Insurance, Universal Life Insurance, Variable Life Insurance, Indexed Universal Life Insurance, and Survivorship Life Insurance are various forms of Permanent Coverage policies that provide lasting financial security. Each type offers unique features. Whole Life Insurance and Universal Life Insurance provide Cash Value accumulation, and Universal Life Insurance allows for Flexible Premiums and a Death Benefit that can adjust over time. Variable Life Insurance ties Cash Value to Investment Options, and Indexed Universal Life Insurance uses a Fixed Interest Rate combined with Market Performance to determine Cash Value growth. Participating Whole Life Insurance can pay Dividends to policyholders based on the insurer's performance, while Non-Participating Whole Life Insurance lacks this feature. Guaranteed Issue Life Insurance ensures coverage without a Medical Underwriting process, making it suitable for those with health concerns. Final Expense Insurance, often a type of Whole Life Insurance, assists with end-of-life costs. Single Premium Whole Life Insurance requires a lump-sum payment for immediate coverage. Survivorship Life Insurance insures two lives, paying a Death Benefit after both pass away, which can aid Estate Planning. Cash Value across these policies can be accessed through Policy Loans or withdrawals, each affecting the Surrender Value and Death Benefit. Premiums vary based on policy type, age of the Policyholder, and chosen options. The Underwriting Process determines eligibility and risk factors, including Policyholder Age and Health. Estate Planning benefits from the tax-advantaged nature of Permanent Coverage, as the Death Benefit is often exempt from income tax. Risk Tolerance influences the choice between investment-linked policies and those with a Fixed Interest Rate. The variety of options allows Policyholders to tailor their coverage to specific needs, offering not only financial security but also Tax Benefits for beneficiaries.