Permanent life insurance is a type of life insurance that provides lifetime protection, meaning your coverage never expires un less you stop paying your premiums or you request to cancel your policy.

Permanent life insurance plans provide a death benefit and build some cash value inside the policy over time from which you may be able to take a loan if needed.

Permanent life insurance is much more expensive that term life insurance which provides temporary coverage for a duration of 10, 15, 20, ...
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If you are considering the purchase of life insurance, you may want to learn about when it's a good time to buy term life insurance, and when it may be better to buy permanent life insurance protection.

Since term life insurance is temporary, lasting for up to 30 years, you'll want to consider term life for your temporary protection needs; such as, if you have a need for life insurance that will last 30 years or less - A home mortgage, car loan, growing children, etc.

However, it you need life ...

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There are several good reasons people choose to buy a term life insurance policy instead of purchasing permanent life insurance.

One of the most common reasons is Price.

Permanent life usually costs up to 5-10 times more for the same amount of life insurance compared to term life.

That means, you can buy a lot more protection for your family by choosing a term life insurance policy.

Another popular reason is Flexibility.

With term life you choose the duration of coverage you need your life insuran...

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What is the difference between permanent life insurance and term life insurance?

Permanent life insurance provides lifetime coverage, offers a death benefit, and builds can value inside your policy from which you may take a loan.

Also, permanent life insurance can cost up to 5-10 times more than term life insurance.

Term life insurance offers temporary protection lasting for up to 30 years. You may be able to buy a term policy lasting for 10, 15, 20, 25 or 30 years.

If you die during the policy t...

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What is the definition of permanent life insurance?

Permanent life insurance is a type of life insurance policy that provides lifetime protection.

Your life insurance coverage will last for your entire lifetime, as long as you pay your premiums on time.

Permanent life insurance has two main features:

1. Death Benefit
   
2. Builds Cash Value

Learn more about how permanent life insurance works.


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Easy issue whole life insurance is a way to get lifetime life insurance protection without the hassles of having to go through a physical examination.

With easy-issue plans you don't have to take a medical exam, or give blood or urine to be tested by a lab.

In fact, some insurers offer guaranteed approval whole life policies which means no exam, no health questions asked, and you cannot be turned down due to any pre-existing health condition.

However, with guaranteed issue policies you have to m...
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That depends on the type of life insurance policy you have.

There's term life insurance and permanent life insurance.

Term life ends when:

1. You stop paying the premiums for your coverage, or 

2. The "term" of your policy expires, or

3. You die during the "term" of your policy, then a death benefit is paid out to your beneficiary.

Permanent life insurance ends when:

1. You Stop paying your premiums, or

2. You die and the death benefit is paid out to your beneficiary.

Learn more about permanent (whole...
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Term life is sometimes referred to as "temporary" life insurance because your coverage lasts for a specific period of time, it is not permanent.

Just like your auto or home insurance, term life is for a specific period of time. Most term life plans offer you the option of choosing your life insurance protection for a period (term) of 10, 15, 20 or 30 years. 

With a level term life insurance policy you would pay the same premium each year (or month), while the amount of life insurance you have r...
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What is no physical whole life insurance?

It's a lifetime life insurance policy that does not require you to take any health exam to purchase the coverage.

Whole life insurance provides life insurance for your entire lifetime and your premium never increases, so you pay the same price each month or year, for as long as you live. As long as you keep paying your premiums, your whole life insurance remains in force.

No physical whole life means you don't have to take any physical exam or testing to...
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What are the advantages and disadvantages of a whole life insurance policy?

Since whole life insurance is coverage that provides guaranteed protection your entire lifetime, it will cost more than a term life insurance policy which provides coverage for up to 30 years.

The advantages of whole life insurance include:

1. Guaranteed lifetime protection.

2. Builds can value inside the policy.

3. You may take a loan form the cash value.


The disadvantages of whole life insurance include:

1. It may cost 2 t...
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When people that you love will suffer financially if you were to die, you may have a need for life insurance protection.

If that need will remain for many years, perhaps even your entire lifetime, you need permanent life insurance.

The most popular form of permanent insurance is whole life insurance coverage. It provides that the life insurance company will pay a fixed amount (death benefit) when you die, regardless of when that occurs. In exchange you are required to pay a p...

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There are many good reasons to purchase a whole life insurance policy.

For instance, many parents purchase whole life insurance for their young children. That way, the price is locked--in at that low rate for the child's entire life, and many life insurance companies will offer the opportunity to increase that coverage amount without any health questions.

Another reason to buy whole life insurance is that the policy doesn't end, so there is no way that you can outlive your lif...

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A whole life insurance policy can be a good investment for some people.

Life insurance creates cash upon the death of the insured person, and whole life insurance is designed to be "In Force" your entire lifetime, until you die, not if you die within a specified term or period of time.

From an estate planning point of view, that is a good thing, since it is guaranteed your beneficiary will receive the death benefit from your whole life insurance policy.

If you need life insu...

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Permanent life insurance coverage is the type of life insurance that may build up some cash value inside the policy over time.

With permanent life insurance, most of the premium ago toward the life insurance coverage, but a portion builds up inside the policy that may be used in the future for a loan, if needed.

Some life insurance companies allow the policy holders to borrow up to 80% of the cash value from their permanent life insurance policy. You pay the loan back with interest which goes b...
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Yes, there are times when buying a whole life insurance policy may make sense for you.

However, it depends on you and your personal life insurance needs - what you want your life insurance coverage to accomplish.

For instance, if you need life insurance to provide funds to help pay for your burial and funeral expenses, you may want to consider buying a whole life insurance policy.

Why choose whole life insurance? Be whole life insurance provides you with lifetime life insurance protection.

Whole ...
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Whether or not whole life insurance is recommended for you really depends on what you need the insurance to do - what your goal is for your life insurance?

If you are looking for life insurance protection only to cover you for a short period of time, then perhaps a term life insurance policy would make more sense, since it offers low cost life insurance coverage for a period of up to 30 years.

If you are looking to create a tax-free legacy for your children or spouse, cover f...

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Whole Life Insurance offers features that many other types of life insurance plans do not. Not all of these are part of every Whole Life Insurance policy, but some of these features are:

• Coverage that will last your entire lifetime.
  
• Cash value accumulation that can be used for personal use by tax free loans.
  
• Dividends may accumulate over time (with a Mutual Life Insurance Company)
  
• The ability to pay up your entire premiums in a limited number of years.
  
• The ability to quit paying...

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Whole life insurance is the type of life insurance which builds cash value inside the life insurance policy.

Whole life, also known as, permanent life insurance provides lifetime life insurance protection, as long as you pay your life insurance premiums.

Whole may build up cash value inside the policy over time, but usually there is no cash value until you have owned the policy for at least 3 years.

Once you have cash value in tour policy you may be able to take a loan from your policy. Usually,...
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