Other Permanent Insurance Options
What is Permanent Life Insurance?
Permanent life insurance is any life insurance policy that provides coverage for your entire life. Though each type of permanent life insurance offers slightly different features, they all charge a premium to keep the policy active and they all pay a death benefit to your beneficiary.
universal life insurance…
Universal life insurance is a permanent policy and has a cash value that can be used towards your premium payments. You can adjust your premium payments and death benefit at any point during the policy based on your financial situation. What makes universal life insurance different from other types of life insurance, is that it allows policyholders to use the policy’s cash value to pay for premiums. With universal life, the interest rate earned on the cash value is subject to change, while it is fixed with other policies, like whole life insurance.
Final expense Life insurance…
Final expense life insurance, also know as burial insurance, provides enough coverage to pay for end-of-life expenses such as medical care and funeral costs. A funeral can cost $8,000 and up. If your age or health disqualifies you from getting traditional term coverage, a final expense policy is a good option.