What Is Permanent Life Insurance?
Permanent life insurance is the “umbrella” term for different types of life insurance with guaranteed coverage. You can choose the policy that is right for you and your family – it will not expire. Choosing a permanent life insurance policy means choosing a solution that stands by you no matter what.
Permanent Life Options
Universal Life Insurance
Universal life insurance is an affordable permanent life insurance option that remains intact for a lifetime. Your rate depends on your coverage, age and health. Universal life is popular for its affordability compared to other permanent life insurance options, as well as for its cash value component that can be used to fund your children’s education and supplement retirement income. You don't have to figure it out by yourself, we have licensed advisors for you to connect with.
Whole Life Insurance
Whole life insurance is a slightly more expensive permanent life insurance option that is intact until you pass away. Your coverage can range from enough to cover your funeral expenses to a wide range of values that fit your budget. Whole life is most attractive to families because it guarantees a death benefit and comes with a built-in cash value that can be used to fund your children’s education and supplement retirement income. Can't tell them apart? It's ok, we'll simplify it for you!
FAQs
We've got you covered!
When should I buy permanent life insurance?
Premiums for whole life insurance and universal life insurance, like other types of life insurance, depend on your age and health at the time of your application. In addition, whole life policies have fixed premiums for the lifetime of the policy. For the best rate, get started today.
How much life insurance coverage do I need?
Legacy Group is designed to help people make the best insurance choices for their life. We understand that everyone has different life insurance coverage needs and that there is no one-size-fits-all insurance plan. If you are in the market for a whole life insurance policy to pay for funeral expenses, learn more about final expense insurance. To ensure you are getting the most affordable and best-fit policy for your life’s needs, We recommend connecting with one of our insurance agents.
What is the difference between term & whole life insurance?
The main difference between term life insurance and whole life insurance is that with a term policy, you “rent” your coverage for a 10, 15, 20, 25, or 30-year term by making affordable monthly payments to keep your policy in force. With whole life insurance, you “own” your coverage until you pass away and receive additional benefits such as payment flexibility and cash values. If you would like some input from a licensed advisor, don't hesitate to click this link.
Is universal life insurance the same as whole life insurance?
Universal life insurance and whole life insurance are two common types of permanent life insurance. While they have many similar advantages, their main differences are in the amount of years you pay premiums – with universal life longer than whole life – and how you can use your cash value component. You can also check out our blog on universal insurance coverage to help determine the right amount of coverage for your family.