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Permanent Life Insurance

Permanent life insurance is lifelong protection that offers death benefits along with a savings account. A portion of the premium goes into a savings account that can build cash value on a tax-deferred basis based on investments.
Unlike term life insurance, which is meant to cover temporary financial needs, permanent policies are ideal to cover needs known to last for one’s entire lifetime. Most permanent policies even have a provision called "cash value," which allows you to withdraw money from the account while you’re still alive, making these policies extremely flexible.
With permanent life insurance, you can also choose from several options, including whole life, universal life, and combinations that include features of both.

Pros of Permanent Life Insurance

  • Insurance protection can be designed to last for a lifetime, not just an initial term period.
  • Premiums may be fixed or flexible to meet personal needs.
  • Cash values add to the policy’s flexibility.
  • Some policies have provisions allowing the death benefit to increase over time.

Cons of Permanent Life Insurance

  • Required premium levels make it difficult to buy enough protection.
  • It is more costly than term life insurance when held for a short period of time.
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