Permanent Life Insurance

Life-Long Coverage
Accumulates Cash Value
Cash Value
Tax Deferred

What Is Permanent Life Insurance?

Permanent life insurance provides coverage for your entire life at a fixed rate. Common types of permanent life insurance include: Whole Life Insurance, Guaranteed Issue Whole Life Insurance, and Universal Life Insurance, all of which are designed to cover you until your death. Like with any important purchase, it’s advised to select the best permanent life insurance coverage that fits your individual needs.

Benefits and Features of Permanent Life Insurance

In addition to life-long coverage, the cost of Permanent Life Insurance is set at level premiums (also referred to as fixed rates). Level premiums ensure the amount you pay towards your policy will remain unchanged after you secure a policy, so long as you make your premium payments as scheduled. These payments are based on your Permanent Life Insurance quote and can usually be made on a monthly, semi- annual or annual basis.

Permanent Life Insurance
vs Term Life Insurance

Term Life Insurance Permanent Life Insurance
Provides coverage for a limited time period (term) Provides lifetime coverage
Provides a death benefit, but typically no cash value Cash value accumulates over time and creates an asset which may be used during your lifetime
Less expensive form of life insurance Life-Long Level premiums
Renewable or convertible Tax Deferred

Converting Your Term Life Insurance to a Permanent Life Insurance Policy

If you currently hold a term life insurance policy, you may be able to convert that coverage into a permanent life policy. There are many benefits to converting your Term Life Insurance policy to Permanent Life insurance and it’s free. Determine if converting your insurance is the best option for you by using our resources.

For more information about converting from term to permanent life insurance:

Life Insurance Policy Review: When, How an What to Look For

Types of Permanent Life Insurance

  Universal Life Whole Life Guaranteed Issue Whole Life
Tax Deferred done done done
Fixed Rate of Premium done done done
Coverage for Life done done done
Flexible Death Benefit done    
Medical Exam Required done done  
Age Restrictions     done
Coverage Amount $50K-$10M $50K-$10M $5K-$25K
  Learn More Learn More Learn More

Whole Life Insurance

  • Life-long coverage at a fixed rate that doesn’t expire.
  • Taxed Deferred
  • Fixed Death Benefits
  • Accumulates Cash Value

Learn more about Whole Life Insurance and how it could help your family

Universal Life Insurance

  • Life-long coverage at a fixed rate.
  • Flexible Premiums
  • Flexible Death Benefits
  • Accumulates Cash Value

Find out more about Universal Life Insurance and decide if it's right for you

Guaranteed Issue Whole Life Insurance: No Medical Exam Life Insurance

  • Guaranteed Acceptance Whole Life Insurance specifically designed for Seniors age 50-80
  • Coverage from $5,000-$25,000
  • No Medical Exam or Health Questionnaire
  • Living Benefits

Learn more about Guaranteed Issue Whole Life Insurance with no medical exam