If you have dependents in your life, that could be ageing parents or children, or someone else. Life insurance is a great way to ensure care for them if something should happen to you.
Permanent insurance does not need to be renewed and covers risk for your whole lifetime.
- Whole life
Coverage for your entire lifetime. Over time a cash surrender value builds up. Your death benefit is guaranteed. The premiums are based on assumptions about cost over the long term.
- What is the cash surrender value. ?
The cash surrender value (CSV) is a saving account that builds up over time. However, upon death, the beneficiary only receives the death benefit, and the insurance company keeps the cash surrender value. If you surrender the contract, you will receive the CSV.
2.Term-100
It provides coverage for the entire lifetime of life, and it matures at age 100. At 100, premiums are no longer payable. If you live longer then 100 it still covers you. Usually, they do not have a CSV.
3.Universal life
Provides coverage for the entire lifetime of the insured. The uniqueness of UL is there is a savings component. One can use this to accumulate savings in a tax-free account.
Permanent insurance is designed for people who
- Have a permanent need
- Need estate and tax planning
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