Life insurance Permanent life insurance

[Phabbyfundz]

Permanent life insurance stays in force for the insured entire life unless the policy holder stop paying the premiums or surrenders the policy. It is typically more expensive than term.
— Whole life; whole life insurance is a type of permanent life insurance that accumulates cash value. Cash value l insurance allows the policy holder to use the cash value for many purposes,such as a source of loan or cash or to pay policy premiums.
— Universal life; A type of permanent life insurance that let's the policy holder earn a fixed or equity indexed rate of returns on the cash value component
— Variable universal life ; With variable universal life insurance, the policy Holder is allowed to invest the policy cash value in an available separate account and it also has flexible premiums.

 

[Mandy96]

Life insurance could be considered permanent when it is a whole life plan. The way it is, the client will be compensated after the death, which means the the insured don’t get to live to receive his or her compensation. It might be good or bad depending if you need it or not

 

[btaliat]

To be honest, I don't get the last type of insurance policy. May be because it is not that common. The most common ones are the first two that you explained. But if I am to for any type of life insurance company, I will prefer to be term life insurance.

 

[Wisdom01]

I think it would be really costly considering the fact that the insurer would be paying premium for his entire life and would get the benefit anything he or she dies , but the only problem with the insurance policy is that the person would keep paying whether he is financially capable or not

 

[btaliat]

I think it would be really costly considering the fact that the insurer would be paying premium for his entire life and would get the benefit anything he or she dies , but the only problem with the insurance policy is that the person would keep paying whether he is financially capable or not

I dint know the type of insurance you wish to talk about but I just want you to know as part of educating our selves in this good platform. The life term life insurance doesn't require the insured person to be paying premium all the days of his life but for some specific period.

 

[Chibson]

Permanent life insurance has a lot of benefits because it provides coverage and a whole lot of advantages to even the family of the holder. If you are into this kind of insurance it is important you keep to the agreement and renew your premiums as agreed by you and the insurance company to avoid the contract being terminated.

 

[Nite]

Permanent life insurance usually happens to be more expensive and complex. There could be some situations where it's the right choice. But, if one chooses permanent life insurance, and later can't keep up with monthly premiums, the policy may lapse and it may lead to the risk of having no coverage when one dies.

 

[btaliat]

Permanent life insurance usually happens to be more expensive and complex. There could be some situations where it's the right choice. But, if one chooses permanent life insurance, and later can't keep up with monthly premiums, the policy may lapse and it may lead to the risk of having no coverage when one dies.

Definitely anyone that wants to go for this kind of life permanent insurance must have thought of the long term source of revenue for premium in order not to default while paying tje premium. To be frank, not only this life insurance needs the insured person to fully thought of how to be getting money for subsequent payment of premium.