Individual Permanent Life Insurance, covers you for your entire lifetime. Permanent life insurance is an umbrella term for life insurance plans that do not expire.
Permanent life insurance is suitable for long-term needs for life insurance coverage such as Tax Planning and Estate Preservation, Unlike term life insurance, which promises payment of a specified death benefit over a specific period of years.
The three basic types of personal permanent insurance are Term 100, Whole Life and Universal Life (UL). Term 100 offers lifelong protection at a guaranteed cost but doesn’t offer investment advantage of Cash Value, like other Permanent Life Insurance plans. Permanent insurance is often referred to as cash-value insurance because these types of policies can build cash value over time, as well as provide a death benefit to your beneficiaries. The owner can access the cash value by withdrawing, borrowing the cash value, or surrendering the policy and receiving the surrender value.
There are many different types of premium structures for permanent life insurance. While the cost may be higher in the early years a whole life insurance plan may be a lot more cost efficient than Term Insurance over the lifetime of the plan.
Permanent life insurance policies enjoy favorable tax treatment. The growth of cash value is tax-deferred, meaning that the policyholder pay no taxes on any earnings as long as the policy remains active. Any withdrawals might be subject to tax.
At Finkelstein Financial we have wealth of knowledge and experience uncover your need for personal Whole life and Universal Life insurance and select a product that will match you best. Contact us today for a free permanent life insurance quote.