Permanent Life Insurance
If you have long-term needs and the cash to pay the annual premiums, permanent life may be right for you. Life insurance is a vital part of any financial strategy. The type you choose will depend a lot on your goals. If those goals include having coverage that lasts your entire lifetime, permanent insurance might be the best choice for you. Unlike term life insurance, which only covers you for a specific time frame (typically 20 years or less), permanent insurance stays in force for life—as long as you continue to pay the premiums.
The face value of life insurance is the dollar amount equated to the worth of your policy. It can also be referred to as the death benefit or the face amount of life insurance. In all cases, life insurance face value is the amount of money given to the beneficiary when the policy expires.
Cash value life insurance is a type of permanent life insurance that includes an investment feature. Cash value is the portion of your policy that earns interest and may be available for you to withdraw or borrow against in case of an emergency.
A whole life policy essentially has two values: the face value or death benefit, and the cash value that acts as a savings account. Once the money invested increases the amount of the death benefit, the tax-free cash value can then be borrowed against.
Key man life insurance is a business life insurance policy taken out by a company to help protect against financial loss if an owner, partner, top executive, or essential employee passes away.
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