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Permanent Life Insurance
Many people use the term permanent life insurance to describe life insurance that does not have a specific termination date or period of coverage.  In other words, permanent insurance is designed to last as long as the insured does, even if the person lives till the age of 90 or 95.  Typically this form of insurance includes some sort of cash value within the policy. 

Why permanent life insurance?
There are several reasons people consider permanent life insurance for some or all of their insurance needs, these include:

  • Desire to spread payments over their entire lifetime.

  • People believe their health may not be as good in the future to allow them to purchase cheap term insurance.  By obtaining permanent insurance to meet their needs they don’t have to worry about their coverage expiring.  Many estate planning situations often use permanent insurance to pay for future estate tax obligations.

  • Buyers want the ability to obtain permanent insurance and save money in a tax-deferred account within the policy.

  • Some policies may be “paid up”, meaning that that cost of insurance is paid for in advance.  There is no requirement to continue paying premiums on the life insurance.

  • Another approach that uses permanent insurance is the second to die policy.  This policy, often called, joint survivorship is a life insurance policy that requires two people to pass away.  Generally high net worth spouses use these policies to pay life insurance proceeds to cover estate tax obligations.
My broker told me permanent insurance is a rip off, is that true?
As with most financial products, permanent life insurance is not for everyone.  Each person is different and therefore each situation requires an examination of the specific goals.  We often see too many life insurance agents “selling” permanent insurance as an investment or savings vehicle rather than a tool to guarantee that the client has lasting life insurance protection no matter how old they get.  If you want to discuss your situation, let us know and we’ll be happy to review your individual situation.


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