In contrast, permanent insurance — usually Whole Life or Universal Life — provides lifelong protection. As long as you consistently pay the premiums and do not take any loans, withdrawals, or surrenders, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value, and it is priced for you to keep the insurance over a long period of time. This plan is suitable for those with long-term goals.
It’s impossible to say which type of life insurance is better, since the coverage that’s right for you depends on your life circumstances and unique goals.
The best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional. Contact Belellano Insurance now to come up with a right solution for your needs!