What is permanent and whole life insurance?
Permanent life insurance provides coverage for your entire lifetime, as long as you continue to pay your premiums. Whole life insurance is a type of permanent life insurance that not only offers lifelong coverage but also accumulates cash value over time. This cash value can increase your death benefit or be accessed early through policy loans or withdrawals.
For individuals over the age of 65, permanent life insurance can be an excellent choice, especially if you’re looking for a policy that accumulates cash value and provides protection that lasts beyond a fixed term. While the premiums are generally higher, the long-term benefits can outweigh the costs.
Surevix offers a guaranteed issue whole life insurance policy for those aged 65-85, providing lifelong protection and the opportunity to build cash value with no medical exams required.
Related Questions
- What does a death benefit include, and is it subject to taxes?
- What does underwriting mean?
- How do I pick the right policy term?
- How do I determine the amount of coverage I need?
- Is it possible to have multiple beneficiaries?
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