Permanent life insurance, also known as whole life insurance, lasts for the lifetime of the insured. It provides protection against financial loss caused by the death of the person insured. Usually, it’s a lump sum payment, sometimes known as a death benefit, which is paid directly to a beneficiary. This money can be used to cover final expenses and help replace income that is lost.
Unlike term insurance, whole life insurance builds cash value for your family’s future, which may be available for you to withdraw or borrow against in case of an emergency.
Whole life insurance is coverage that you can count on. As long as you pay your premiums, they will not increase, and the coverage amount will not decrease regardless of changes to your age or health.
Whole life insurance is a key component to responsibly plan and provide peace of mind for both you and your loved ones.