Permanent life insurance covers you for your whole life as long as you continue to pay your premiums. Whole is the main type of permanent life insurance you might encounter. This type of coverage often accumulates cash value that may increase the death benefit, or be accessed early by requesting a policy loan or withdrawal.
In exchange for the length of coverage and cash value accumulation possibilities, premiums for permanent coverage are typically 10-15X higher than those for term life insurance.
If the higher premiums are within budget, permanent life insurance can be a good option for those interested in insurance that will accumulate cash value and will not end after a specific term.
We do not offer permanent or whole life insurance coverage because we believe term life insurance is a more affordable and flexible option for most families.