Permanent life insurance
Lifetime insurance protection – guaranteed!
Permanent life insurance is an excellent choice if you want lifelong coverage and equity in the form of a cash value over time.
- Permanent insurance costs are usually guaranteed when you first purchase the policy.
- Some permanent insurance plans allow you to pay for a limited number of years, then never again. Imagine …you could buy insurance when you’re 40, finish paying the premiums when you’re 50, and be fully covered for the rest of your life. In contrast, term insurance is virtually always “pay as you go” and you’ll be paying premiums while you have the coverage.
- Permanent life insurance premiums can be guaranteed level for life (they don’t increase as you age, even if your health changes), or they can vary depending on the permanent insurance plan you choose.
Permanent life insurance can be less expensive than participating life insurance. It provides a fixed amount of life insurance coverage, and the costs for your coverage remain the same every year.
With participating life insurance, your policy may be credited with policyholder dividends. You can use these dividends in a number of ways. You can use them to buy additional coverage, receive a cash payment, reduce your annual premium or you can leave them on deposit to earn interest. The choice is yours.