Permanent Life Insurance

Permanent life insurance is very different from term life insurance. It is important that you compare life insurance products that you are interested in purchasing before you sign up. For example, if you need a permanent life insurance, it is not wise to buy a term life insurance. Life insurance products are long term products and it is wise to take some time to familiarize yourself with different life insurance companies as well as compare life insurance policies.

What is a permanent life insurance coverage?

A permanent insurance coverage is a life insurance policies that are designed to pay a lump sum upon death.

What are the examples of permanent life insurance plans? What life insurance plans are permanent life insurance?

Some of the most well known and popular permanent life insurance coverage are:

• whole life insurance
• variable life insurance
• universal life insurance
• survivorship whole life insurance
• survivorship variable life insurance, and
• survivorship universal life insurance

All of the above life insurance coverage are designed to pay the insured a lump sum upon death. Permanent life insurance

How does permanent insurance work? 

Permanent life insurance policies may be purchased by an individual or an employer. May insure one person (paying on that person's death) or two people (paying, typically, on the second death).

Insurance proceeds may be used to provide ongoing income for survivors or for payment of final expenses (including estate tax).

Cash value in whole life or universal life policies is invested in the insurance companies' general accounts.

Variable life or variable universal life policies allow you to invest the cash value in a wide range of portfolios (investment subaccounts) from a selection of asset managers.

Some of the top life insurance companies for permanent life insurance are:

• Lincoln National,
• Hartford ,
• Manulife,
• Nationwide,
• ING,
• John Hancock
• SageMark Consulting and
• Pacific Life.