Permanent Life Insurance

Permanent life insurance gives you coverage throughout your lifetime. Your survivors will get payment if you die at any time while your insurance policy is in effect.

 

Permanent life insurance policies build up a cash value. This means you'd get a cash value back (less than the amount you paid in premiums for the insurance costs) if you cancel your policy.

 

You may be able to take out a policy loan or use your life insurance policy as collateral for a loan. If you borrow using your cash value and don’t repay the loan, it may reduce the amount of money your beneficiary will receive or that you may get back if you cancel.

Whole Life Insurance

  • Whole life insurance is a type of permanent life insurance that provides you coverage for your life time.

  • Your premiums won't change as you get older. Your policy will often have a guaranteed minimum cash value.

Universal Life Insurance

  • Universal life insurance is a type of permanent life insurance that combines life insurance with an investment account. The investment account has a cash value. Withdrawals, as well as loans, may be permitted.

  • The death benefit and cash value of your investment account may increase or decrease depending on the:

  • types of investments you choose to hold in your account

  • returns on those investments

  • You can also select how your premiums are invested. You can increase or decrease your premiums within the limits specified in your insurance policy. However, your premiums could increase if returns on your chosen investments fall.