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Permanent Life Insurance Information
Quality Permanent Life Insurance in North Carolina
If you’re considering lifelong protection, permanent life insurance may offer you the ideal option. It enables your loved ones to meet their financial goals and fulfill their financial responsibilities in the event of your death.
We can provide permanent life insurance rates for you. But we also want you to understand exactly what this type of insurance is before you make a decision.
Different Types of Policies
A permanent life insurance may protect your family and build cash value in different ways. In fact, there are three types of insurance policies for you to choose from: whole life insurance, universal life insurance, and variable universal life insurance.
Study all types carefully before settling on one. This way, you will be able to make the most of your investment.
Whole Life Insurance
A whole life insurance is the most common type of permanent life insurance. It provides a guaranteed amount of death benefit as well as a guaranteed return rate on cash value.
Your premium payments will remain the same throughout the policy’s duration, but the cash value will increase despite the existing market conditions. More importantly, the coverage of this type of insurance encompasses your entire life.
The whole life insurance also gives you the opportunity to gain dividends. These, in turn, provide enhanced death benefit and cash value growth.
Universal Life Insurance
The universal life insurance features adjustable premium payment, so you can pay more when you have extra cash or less when your current financial situation calls for it. It also enables you to reduce or increase the death benefit.
This type of insurance guarantees a return rate on cash value given that the policy runs smoothly. Moreover, you can make your premium payments anytime and at any given amount within the minimum and maximum limit, as long as you completed the initial payment.
Variable Universal Life Insurance
The variable universal life insurance may come with more financial risk than the previous two policies. It does, however, have the potential for higher financial returns. It provides lifelong protection as well as cash value that you can build up over the years.
Keep in mind that it shifts investment risks — in stocks, bonds, or a combination of both — from the insurance company to yourself. So while you may be able to achieve greater returns, you must also be aware of their varying risks and rewards.
The different insurance policy options (whole life insurance, universal life insurance, and variable universal life insurance) may accumulate cash value throughout the years. When the situation calls for it, this cash value may be available to you through policy loans and withdrawals.
Protection for Your Family’s Future
A permanent life insurance protects your family and their future upon your death. Its policies can last a lifetime and provide lifelong protection foryour family, as long as you completed all payments.
On top of that, your beneficiary (in this case, your family) may enjoy tax exemptions on the death benefit proceeds that they receive from your insurance policy.
Amistad Insurance Services has firsthand knowledge and experience with permanent life insurance in Raleigh, North Carolina. We consider your needs and your budget before looking for a comprehensive and reasonably-priced coverage for you.
More importantly, we do not strong-arm you into getting a cheap insurance. It might not meet the financial protection or security that you require.
We explain your insurance policy in detail so that you can make informed and confident decisions.
For inquiries about permanent life insurance rates, please fill out our online form or call us today.