Permanent Life Insurance
Permanent Life Insurance, sometimes called Straight Life Insurance, is a type of life insurance that provides lifetime protection for as long as a policy remains current. Permanent life insurance includes a “cash value” component, in which the policy builds cash value that you can borrow against. The two most common types of permanent coverage are whole life and universal life.
Permanent life insurance is usually purchased by individuals who have the financial means to cover the higher premium requirements for this type of life coverage. They may purchase permanent life insurance with the objective of reducing or covering potential estate taxes upon their death or for other financial planning purposes.
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Premium Comparison of Term Life Insurance and Permanent Life Insurance
The chart below compares the annual premiums required for a male at various ages for a 20-year term life policy and a universal life policy. He is assumed to be a preferred non-smoker for underwriting purposes.
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If you need help deciding and want more information, see: