Life insurance gives you peace of mind. At the time of your death, it provides a financial payout to your beneficiaries and ensures their needs are met. Additionally, permanent policies provide numerous benefits while you’re alive. Learn why permanent life insurance is a good choice for you and your family.
Stay Covered for Life
From the time you purchase a permanent life insurance policy until the moment you die, it covers you. You don’t have to worry that the term of coverage will expire. Purchase a policy when you’re young, and it provides peace of mind throughout your career, as your children grow up and until you’re well into your retirement.
A permanent policy also remains in effect no matter what health conditions you face. It does not change bases on your health status, and you won’t pay more because of certain health conditions.
Save Money
Permanent life insurance policies allow you to save money. Their premiums are more expensive than those for term policies, but the premiums do not increase like term premiums do.
Also, you can borrow a portion of your permanent policy. Your policy grows cash on a tax-deferred basis at an interest rate of up to four percent. Use the accrued funds for expenses you may face during your lifetime, including education, home repairs or medical expenses.
Protect Your Assets
When you die, creditors could make claims on your estate and leave your beneficiaries left destitute. Permanent life insurance protects your assets. In certain states, creditors cannot access your policy’s cash value or death benefits, which ensures those assets are available for your beneficiaries.
Cover Estate Taxes
Depending on your income, you may owe significant federal estate taxes after your death. Your permanent life insurance policy can be used to cover this expense and free your remaining assets for other expenses.
Ensure an Inheritance for Your Dependents
As you care for your children and dependents during their childhood, you also want to care for them when you’re gone. Purchase a permanent life insurance policy that guarantees your dependents receive an inheritance.
Pay for Your Funeral
The average funeral costs more than $8,000. If you haven’t pre-paid this expense, your permanent life insurance policy can cover it and gives your survivors one less thing to pay.
Is a permanent life insurance policy right for you? Talk to your insurance agent today and discuss your needs. Then choose the policy that gives you and your dependents peace of mind and protection for life.
