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Permanent Life Insurance Plan

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 Permanent Life Insurance Plan
Permanent Life Insurance Plan

Permanent Life Insurance

When you are looking for lifetime coverage, you would be better off investing in a permanent life insurance policy. This type remains valid for as long as you pay premiums and your beneficiaries can be certain of getting death benefits in the event of your death. The comprehensive scope of this policy is why it is popularly called a whole life insurance policy.

That life insurance policy is no more useful once your children have moved out or your debts have been paid is a commonly held misconception. In the event of your untimely death, your spouse may be burdened with several financial duties. In case your spouse outlives you, whole life insurance coverage will guarantee her a strong source of income even in your absence during her retirement years. The surviving spouse does not need to move out of his or her home or can avoid being packed off to a nursing facility much before the time actually comes. A permanent life insurance policy helps to build up cash value over tie and can act as a great inheritance resource for your succeeding generations.

Evaluation

The policy has twin advantages:

  • Offers great cash value because the cash accumulates with time and supplies a contingency income for the surviving spouse and future generations.
  • Accumulates cash on tax-deferred basis which implies that you can pay premiums using pre-tax dollars and your premium amounts get subtracted from taxable income. This helps to lower your tax liability and allows you to build up cash value free of taxes.
  • You can use this policy for borrowing against it to pay for college education, retirement income, make down payments on a newly bought home etc.
  • Rates are low for this policy and the cash value works as good financial security.

The policy suffers from certain drawbacks like:

The policy guarantees lifelong coverage and is automatically more costly than temporary policies or term life policies. Therefore, for those not sure about being able to make timely premium payments, it is perhaps wiser to opt for term policies at more affordable premiums.

Related Topics

Permanent Life Insurance Plan


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