Life insurance pays a tax-free cash benefit to your beneficiaries when you die, which can be used to pay debts and expenses, provide an income for your family, and leave a legacy to family members or a charity. In addition, some insurance policies can also build savings you can access while still living.
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Key advantages of permanent insurance over term insurance
- Permanent insurance costs are usually guaranteed when you first purchase the policy.
- Some permanent insurance plans allow you to pay for a limited number of years, then never again. Imagine …you could buy insurance when you’re 40, finish paying the premiums when you’re 50, and be fully covered for the rest of your life. In contrast, term insurance is virtually always “pay as you go” and you’ll be paying premiums while you have the coverage.
- Permanent life insurance premiums can be guaranteed level for life (they don’t increase as you age, even if your health changes), or they can vary depending on the permanent insurance plan you choose.
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