Is Permanent Life Insurance For You?

If you're shopping for life insurance, it may seem a bit overwhelming to determine which is the right coverage for you and your family. Depending on who you ask, you may be told to get only term life insurance by some financial advisors. Others may suggest only whole life. You may find other life insurance agents who suggest the IUL. But, which product is right for you and is permanent life insurance for you?

Let's take a look.

Permanent Life Insurance

While term life insurance protects us for only a pre-determined period like 10 years to 30 years. Permanent life insurance like whole life or the indexed universal life insurance (IUL) can protect to age 99 or beyond.

Life and Retirement Insurance

Whole life insurance is guaranteed to age 99 and the IUL is not guaranteed, but has the potential to grow more cash value or last beyond age 99. Both permanent life insurance solutions also grow cash value, which is money you can use while you're alive and can loan against it to provide potentially tax free income. This is a way to get supplemental retirement income through life insurance.

Life Insurance Services

Life insurance isn't just for when you die. With certain policies you can use that money while you're alive in case of chronic, critical, or terminal illness. This is called living benefits. The downside of term life insurance is that when it expires you're without that living benefits protection. So if you end up with a heart attack, cancer, or stroke and your term life insurance with living benefits expired, you're without that protection. That means you'll have to dip into savings or possibly retirement.

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Life Insurance and Mortgage Insurance

Whether you're paying a mortgage or paying rent, having mortgage protection life insurance protects your family in case something were to happen, God forbid, like illness or death and the mortgage or rent needs to be paid. To get that protection, you'll want a policy that includes living benefits.

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For a real life story and testimony of a wife who was able to move forward and even buy a house for her daughters after her husband passed away please click here.

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Life Insurance Policy Review

If it's been a while since you've had a life insurance policy review, please click here to book. If you want to look into life insurance or retirement book a no obligation phone call here.