Permanent Life Insurance Policy

"Its forever"

Permanent Life Insurance Policy

If you are looking for a life insurance policy which does not expire and comes with a death benefit and a savings portion, Permanent Life insurance policy is the right option. Under this policy, the policy owner can borrow funds against this savings portion. The owner can even withdraw the cash value to meet necessities like paying for a child's education. With a Permanent Life insurance policy, you can enjoy the growth of cash value generally on a tax-deferred basis, so you do not need to pay taxes on any earnings in the policy as long as the policy remains active. Also, no taxes would be deducted when you can withdraw an amount upto the amount of premium paid. The two main types of permanent life insurance include whole and universal life insurance.

Permanent life insurance offers more flexibility to the customers when premiums are to be paid. With this policy, you can even withdraw cash from the policy without paying the interest associated with the loan provisions in whole life policies. This policy provides greater returns than other permanent life insurance policies and offers favourable tax treatment compared to other permanent life insurance policies.

With a permanent life insurance, the policyholder gets coverage till his death. The policyholder can even cancel, or surrender, his policy but will have to pay a surrender charge. This policy also builds up a cash value which is also called cash surrender value (CSV). You are entitled to this cash value when you cancel your policy.