Permanent Life Insurance
Permanent life insurance means insurance plans that do not expire. It combines a death benefit with a portion of savings. In comparison, in term life insurance, insurance is purchased for a set period it could be a year or two years or more and the death benefit is paid only if insured dies during that set period.
Permanent life insurance policies work by offering a chance to save cash together with the usual insurance coverage. The savings or investment component makes the permanent life insurance premiums more expensive than the premiums one pays with term insurance. If the component is an investment one it will be offered with an unchanged interest rate or take the form of shared funds or bonds or even money market securities. The savings or investment component allows the insured to add value to the permanent life insurance policy: value as in cash value. This money can be taken in the form of a loan or distributed in the future.
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Last Update : Aug 18, 2019
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