Pros of securing permanent life insurance.
Whole, or permanent, life insurance is designed to last as long as you do. You pay in a premium every month and when you die, the policy pays out a lump sum to your loved ones. That sounds simple enough, and it sounds like a valuable benefit to have. Yet, only a small minority of people take out permanent life insurance, opting for term insurance instead. To help you understand why a permanent life insurance policy could be right for you, check out these top benefits.
- Permanent Coverage
Like the name of it suggests, permanent life insurance covers you for your entire life. Many people enjoy having the same amount of coverage no matter what their age or health, and this coverage cannot be taken away as long as payments are made.
- Set Payments
Whole life policies come with a monthly premium amount that is locked in for the life of the policy without the possibility of change. This is unlike term insurance, where policies require renewal from time and time and the price often increases with each renewal because the older you get, the more likely it is you will die during the term.
- Cash Value
Permanent policies usually offer the ability to cash it in for the value amount, which grows over time. This can provide you with a chunk of cash when you need it, such as paying off debt, buying a home, investing in real estate, or simply living off the dividends as a form of passive income.
To secure the right life insurance protection for you and your family, visit the professionals at Kurt Rolf Insurance Agency! We serve Minnesota, Wisconsin, Florida, South Dakota, and Arizona – visit us today.