Most people associate life insurance with the end of a life, where benefits are paid to beneficiaries, after the insured dies. But it can be so much more.
In addition to the generally income-tax-free death benefit, permanent life insurance offers benefits while you’re alive as well. As you pay your premiums, permanent life insurance may build cash value during the insured’s lifetime that can be used to help pay for things such as buying a home, legacy planning, educational expenses or a wedding. Best of all, this cash value generally accumulates income tax-deferred.
How permanent life insurance can help you
Permanent life insurance may help your family in two ways. You can use the cash value generally income-tax free3 for a potential loss of income, mortgage costs and educational needs, or it can help provide a generally income-tax free financial legacy for your beneficiaries. We want to help secure your family’s financial future.
Permanent life insurance benefits include:
Cash value you can use while still alive
The ability to put money into the policy on a generally income-tax deferred basis
Can help provide a financial legacy for your beneficiaries that is generally income-tax free
A variety of riders and benefits available to tailor coverage to your individual needs
What is Whole Life Insurance?
Whole life insurance is a type of permanent insurance whose coverage remains in place until the person covered by the policy dies or the policy is canceled. Whole life insurance premiums remain the same over the life of the policy.
The cash value of a whole life policy is guaranteed and the balance can help provide many financial options. The policy owner may borrow from the cash value of the policy, cancel (surrender) the policy for the cash value or use the balance to make premium payments.
Juvenile Life Insurance Options
Both whole life and universal life insurance policies have juvenile rate classes for children. The sooner you begin life insurance for a child or grandchild, the longer the policy has to build cash value for future expenses. And, you’ll protect the insurability of the child in the event their health or other factors would make getting life insurance difficult when they’re older.