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Permanent Life Insurance

Life insurance remains one of the most common and necessary forms of insurance.  You need to protect your family by providing for them in the event of your death and should consider either permanent Life Insurance or Term Life Insurance.

If you want life insurance that remains active and for it to grow by paying a set premium amount every month then choose permanent life insurance.   This policy will remain active until it matures and in cannot be cancelled.  The exception would be on the grounds of fraudulent application then the policy can be cancelled by the insurer within two years.

Permanent life insurance accrues cash value over the years.  This minimises the insurance expense and limits the risk for the insurance company.   As the permanent life insurance policy accumulates cash value it allows the policyholder to withdraw funds or surrender the cash value.

Permanent life insurance can be categorised into four sections whole life, universal life, limited pay and endowment.  By paying a level premium whole life insurance will provide you with a lifetime death benefit cover.  With this type of permanent life insurance there is a cash value reserve from which the policyholder can access a policy loan until his/her death.  The policyholder will leave the remainder of the funds for a beneficiary in the case of his/her death.  Whole life insurance benefits include fixed annual premiums, guaranteed death benefits and guaranteed cash value.

Universal life insurance is the combination of permanent insurance cover with an unfixed premium which suggests an increase in cash value.

With limited pay life insurance the premiums are settled within a certain time frame such as 10 year, 20 year and then released at the age of 65.

When the cumulative cash value is equivalent to the death benefit at a specific age it is termed an endowment life insurance policy.  The premiums are higher as the period of paying premiums is shorter than other permanent life insurance policies.

Permanent life insurance gives you options which suit your lifestyle and budget.  It is recommended to receive several quotes to make an informed decision.   Life insurance cover can protect you and your family from any financial stress.  An accrued cash value can assist you with any unforeseen debt and payment, as well as assist your family in the event of your death. Find out about permanent life insurance today to keep your financial worries at bay, your family will thank you for it.  Receive numerous free quotes today from professional and trusted companies.

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