Permanent life insurance is designed to provide insurance protection for as long as you live. This is in contrast to term insurance, which provides protection for a set number of years, or term.
And while most people purchase insurance to provide a death benefit, permanent life insurance can also provide benefits while you’re living. The cash value of a permanent life insurance policy grows income tax deferred and can be used to provide an income stream during retirement or can help meet other long-term financial goals, such as funding a college education for a child or grandchild.
The guaranteed accessibility to the cash value makes permanent life insurance one of the most valuable assets people can own.
Whole Life Insurance
Whole life is a form of permanent life insurance that offers guaranteed level premiums, a guaranteed death benefit and guaranteed cash value.
CompLife is a hybrid of permanent and term insurance that offers lifelong protection and the ability to build cash value, plus the ability to secure high levels of more affordable, temporary protection.
Universal Life Insurance
Universal life combines the benefits of permanent life insurance and its ability to build cash value with the convenience of adjustable death benefit, premiums and payment schedules.
Variable Life Insurance
Variable life insurance offers life insurance with the potential for greater cash value and death benefit growth than other types of permanent life insurance. Because you determine where your policy’s cash value is invested, you can take on more risk in exchange for greater potential growth.
Variable Universal Life Insurance/Variable Life Insurance policies are subject to substantial fees and charges. Policy values will fluctuate and are subject to market risk and to possible loss of principal.
Insurance guarantees are based on the claims paying ability of the issuer.