Permanent Life Insurance
What is permanent life insurance?
With permanent life insurance - you're insured throughout your lifetime, or until the policy matures, as long as you continue to pay your premiums per terms of the contract. Those premiums will stay level as long as the policy remains in force. Over time, permanent insurance typically accumulates a cash value that can be accessed for a variety of purposes while you're still alive.
How permanent life insurance may help you
A permanent life insurance policy can help you plan financial support for people who depend on you if you should die. You also have the potential for cash value growth, in a low-risk, low-interest rate environment. Some uses for the permanent policies include:
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Life insurance benefits - Proceeds can help replace the income that makes your family's lifestyle possible. The death benefit is generally income tax free and can be an important advantage for your beneficiaries
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Access to cash value- The policy's cash value may be used for things such as supplementing your retirement income, or helping to fund a child's education. As with any permanent life insurance policy, the growth of the cash value within the policy is generally income-tax deferred. Loans or distributions from your cash value are generally income-tax free
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Flexibility when you need it - Adjust the policy as your needs change. The contract offers flexible premium amounts and timing, flexible death benefit options, and the ability to increase or decrease the face amount within policy limits after the first policy year. Some policy changes may require evidence of insurability. Premium payments are not subject to retirement plan contribution limits, so you may continue to take advantage of the generally income tax-deferred growth even if you've maximized your retirement plan savings limit. We also offer optional riders and benefits to customize the policy.