The Many Benefits Of Permanent Life Insurance

Life insurance concept.Would This Multi-Purpose Policy Be Right For Your Family?

We love multi-purpose items. Shampoo and conditioner in one bottle? Awesome! A speaker and cooler in one? Sign me up! Pants that convert to shorts? Great! You may not have considered that your life insurance could also serve multiple purposes, but with a permanent life insurance policy it can.

Permanent life insurance is just want it sounds like- life insurance that is permanent, meaning it does not expire after a certain date in the way term insurance does. You may not think you will need life insurance even after you have stopped earning an income and the kids are out of the house, but would your spouse be able to maintain the quality of life you hope to enjoy in your golden years without you? Would he or she be able to achieve financial goals like amortizing your mortgage? Permanent life insurance protects your loved ones from the eventuality of life without you.

The benefits do not stop there, though! On top of the death benefit both term and permanent life insurance policies pay out, permanent insurance builds cash value as you pay your premiums. This value is built tax-deferred, meaning your life insurance policy can offer you a financial planning tool in the same way your retirement or tuitions savings plan can. You can even borrow this cash value during your lifetime with relatively low rates.

Ultimately, permanent life insurance is a multi-purpose solution to safeguarding your family now and in the future.

Do you have the life insurance policy that is right for your family and your current season of life? Contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota for all of your life insurance coverage needs. Our expert team can help you pick the right policy at the right price.