Permanent Life Insurance: Pros and Cons

When we talk about various uncertainties in life, the first thing that comes to our mind is to look for

ways through which we can deal with the uncertain events of life that can make life difficult for our

family members.

Hence, it is very important to take some concrete steps that can take away all your tension regarding

the financial instability that your family might have to face in future.

One of the most reliable solutions to safeguard your family’s future is to buy life insurance. In other

words, by purchasing a suitable life insurance policy, your can ensure a safe future for your dependents.

However, in order to make the right pick, you need to be aware of the options on hand.

A life insurance policy can be of two types - term life insurance and permanent life insurance. Out of

these two options, most people opt for the latter one as it provides numerous additional benefits to the

policy holders.

What is permanent life insurance? Policies of permanent life insurance are open ended. They accumulate a cash value using which the

policyholders can earn dividends, take a loan against them, or cash-in upon surrendering the policy. It is

the most preferred option as it allows the policy holder to take loan against the cash value, which might

not be possible in the case of other traditional types of life insurance.

However, just like other types of life insurance, there are certain permanent life insurance pros and

cons. This type of insurance has two parts - savings or investment portion, and an insurance portion.

Due to the presence of the savings element in the policy, its premiums are higher compared to term

insurance.

Types of permanent life insurance There are two types of permanent life insurance:

Whole life insurance

Universal life insurance

If you need a flexible life insurance policy, then there can be no better option than Universal life

insurance. This is because it provides you with a high level of flexibility to alter the amount and timing of

premium payments. Moreover, you also have the option to alter the death benefit amount as per your

circumstances and life requirements.

However, if you are looking for a life insurance policy that can provide you coverage as long as live,

whole life insurance is an ideal option for you. Under this, you have to pay the same amount of premium

for a specific period if you wish to avail the death benefits.

Make sure to seek the help of a competent insurance provider when making a choice of life insurance

policies.

Get the fast and easy life insurance services, policy and quotes with the help of

enquiry form available on the below given websites:

Universallife.com.hk

Universallife.co.id