It is lifelong coverage that provides a one-time, tax-free, cash benefit to your chosen beneficiaries when you die. It is coverage that never expires, and pays a benefit regardless of at what age you die.
Permanent life is more than just insurance, as it can enable you to build value within the policy, which you can access for cash during your lifetime through a loan or withdrawal (each with respective tax implications).
Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy, and some permanent insurance plans let you pay for a limited time and then never again. Universal life and Participating life (aka Whole life) are forms of permanent life insurance that you may want to consider.
Ensure the people you love are financially protected for life. Your protection does not end after a certain period.
A portion of your premium purchases your insurance, while the rest is invested.
Access funds in your policy during your lifetime to fund, an education, a home, a business, or supplement your income in retirement or during a time of illness.
The unique features of participating life insurance make it an ideal tool for protecting your assets and passing them on to your chosen beneficiary(ies).
Participating life and Universal life both offer lifetime coverage and the opportunity for tax-advantaged cash growth, but are structured differently.
There are a number of factors that determine the cost of your policy, including:
Generally, insurance cost less for younger age groups, and more for older age groups.
Women live longer than men on average, so insurance may cost less than for males.
Your unique health history, family history, chronic diseases and lifestyle can impact costs.
High-risk occupations can increase cost. Conversely, low-risk occupations can reduce cost.
This will depend on your unique personal circumstances. Best practices are to ensure your debts are covered, as well as the financial security of your dependents.
Here are a few things to consider:
A professional advisor can assist you with calculating your insurance needs.
An advisor can assist you in determining which is the most appropriate tool given your unique personal circumstances. Here is a few ways in which they compare:
Lifetime protection for your family, grow your wealth tax-free, and even borrow from your policy to reach important goals..
A permanent life insurance solution combining lifelong protection and tax-advantaged investing, offering maximum flexibility, transparency, and control.
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