Benefits of Permanent Life Insurance
As you approach retirement, you may use cash value to help pay future medical expenses, to help fund a retirement lifestyle you have chosen or to protect you or your spouse’s income should one of you pass away. If you're choosing a permanent life policy, the only thing you need to decide is how much money you want. Cash value grows over time and remains yours as long as you keep paying the premiums.
Life insurance is a contract that provides financial protection against premature death. With life insurance, you can offset expenses like funeral costs, outstanding debt and unpaid bills.
Why you don’t need term life insurance:
You can get permanent coverage at a much lower cost; Term insurance provides only short-term protection (up to 10 or 20 years), after which it must be renewed; Temporary coverage that pays out only if you die within a certain time period, whereas permanent insurance also covers something like Alzheimer's or ALS; Term is calculated based on how long you expect your dependents to financially rely upon you.
With permanent life insurance you receive a death benefit that lasts as long as you live as long as your premiums are paid. It also provides an opportunity to leave a legacy for loved ones, secured with a high level of protection.
It’s important to choose the right type of life insurance that works best for you. If you want some flexibility in how, when and where your monthly payments come out. As you can see there are many things to consider when choosing life insurance. To get an independent in unbiased information get more information about permanent life insurance from Ascendant Financial Inc website.
Cash Value Options of Whole Life Insurance:
The cash value in our Whole Life Insurance policies has grown over time, giving us the opportunity to use it to help pay for our children’s education. If something unexpected happens though, like health problems or accidents, we also know our policy can provide support when we need it. If we need to borrow some money from our policy, there won’t be any complicated paperwork; this is just like withdrawing cash from a bank account – simple and easy.
Life insurance is an investment in the most important asset of all, you and your family. There are two main types of policies: term to 100 and permanent insurance. Term policies are also known as “pure” term life because they cover you for a specified period, say 20, 30 or 40 years until age 100. Permanent insurance can be purchased without requiring any savings to pay premiums, like universal life and variable life. Permanent Insurance phase pays out only if the policyholder dies before a fixed date (typically 10, 15 or 20 years).