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Permanent life insurance

PERMANENT LIFE INSURANCE

You have to take several factors into account to find your best option in life insurance – prices, terms, coverage and duration. If you are looking for insurance that gives you certainty and peace of mind for your estate, permanent life insurance is your best option because it offers more guarantees and better financial security than other types of insurance policies. This type of protection is taken out to insure a person for the rest of their life.

In terms of protection, permanent life insurance offers unparalleled longevity on the market. The indefinite duration of this type of life insurance means that there is no limit to the protection even if your condition deteriorates over the years.

There are several types of permanent life insurance such as whole life insurance and 100 year term life insurance.

WHOLE LIFE INSURANCE

Permanent life insurance is referred to as whole insurance since it is an insurance contract that insures you until your death.

The payment of insurance premiums can be made for life or for a shorter period, for example, 20 years or even 8 years. In the case of payments over 20 years or less, premium payments will be made during this period, after which no payment will be required and you will continue to be insured until your death.

The premium amount will not increase over time, making your budget planning easier. While other types of insurance offer premiums that may seem more affordable, the long-term value of a whole life policy is unbeatable.

In addition, whole life insurance has cash values. The cash value of a policy is based on premiums; the more you pay, the higher the cash value. You can therefore obtain a large amount of cash when you need it, or in the event of termination of your contract.

100 YEAR TERM LIFE INSURANCE

100-year term life insurance is considered permanent life insurance since it insures you until your death. The payment of insurance premiums is made until your death and some insurers will stop payments from age 100 while continuing to insure you.

One of the differences of this type of product is that the 100-year term life insurance does not, however, have any cash value. This ensures that in the event of cancellation of your insurance contract before your death, no amount will be given to you. Like everything, there is no such thing as a good or a bad product, but rather products that are suitable or not for what you are looking for.

PERMANENT LIFE INSURANCE – COSTS AND USES

The price of a policy of ‘ permanent life insurance is calculated using several factors, including your age, your gender and your current health status, among others. When it comes to choosing an amount of coverage, you need to consider your circumstances and your income to choose an amount that is adequate to meet your goals, whether it’s simply to pay off your debts and funeral expenses or to ensure the financial security of your family. relatives.

Generally speaking, permanent life insurance is used for different reasons depending on different decisions. Here are some real examples which serve to cover the following needs:

  • Cover funeral expenses
  • Leave an inheritance to his estate
  • Pay the tax bill upon your death
  • Pay the balance of your mortgage
  • Ensure the education of your children

 

 

Other types of life insurance

Life Insurance : Over 50 →

Several companies offer life insurance products for people aged 50 and over. It is possible to get term life insurance and permanent life insurance.

Life Insurance : No-medical exam →

Life insurance without medical examination offers to apply for life insurance, but without having to do medical tests. This type of product was designed for people with complicated or fragile health.

Life Insurance : Family →

Family life insurance allows you to insure your entire family at a lower cost in the event of death. Being covered by this type of product puts everyone in the family under safety.

Life Insurance : Term →

The term life insurance benefit will give your estate the money to pay for funeral expenses, mortgage payments, debts and living expenses.

Life Insurance : Children →

Children’s life insurance provides enough money to cover funeral expenses or allow you to take unpaid leave to recover from such a situation.

Life Insurance : Universal →

It is life insurance including, inside the product itself, a savings and investment portion.

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