There are 3 main types of permanent or whole life policies. These are universal life insurance, traditional whole life, variable life and variable universal insurance. Furthermore, there are variations within each type.

• Whole Life Insurance

• Guaranteed/Universal Life Insurance

• Index Universal Life Insurance

Unlike term insurances, these policies remain active until they mature. Yet, they can lapse due lack of premium payments. These insurances offer the benefits of term policies and also allow growth of capital.

The insurer can only cancel these policies in the event of a fraudulent application. This too must be within a period defined by law. So, Permanent or Whole life policies pay the death benefit whenever the insured dies. Hence, there is no fixed term.

Key benefits of life insurance

• Financial security for your loved ones: Life insurance provides a death benefit that can help your loved ones cover expenses such as funeral costs, outstanding debts, and ongoing living expenses.

• Estate planning: Life insurance can be a valuable tool in estate planning, helping you ensure that your assets are distributed according to your wishes.

• Tax advantages: Depending on the type of life insurance product you choose, there may be tax advantages that can help you save money.

What is the legacy you want to leave behind?  To learn more, give us a call and request this FREE National Association Insurance Commissioner's Consumer Guide today.  You'll be glad you did.