Learners Quest
Valued Contributor
- Credits
- $2.24620
A permanent life insurance policy is a life insurance policy that is not convertible to cash value. It provides protection for your family, spouse or partner and children from the day it is purchased.
A permanent life insurance policy typically pays a monthly income to an insured person for the rest of their lifetime and may also provide benefits to their beneficiaries if they die during the coverage period.
A permanent life insurance policy can be designed in many different ways providing for different types of benefits including death-only, temporary or annuity-like benefits, which allow you to access your money during your lifetime up front instead of upon death as with some other policies.
Permanent life insurance policies are designed to reduce the chance of a person's death by providing for "survivor benefits" or cash payments to their heirs. They usually insure adults who can afford to pay for the premium payments each month, which can be very costly. The risk of death is much reduced if those insured are in good health at the time they buy a permanent life insurance policy. The cost of permanent life insurance policies may be affected by the level of medical expenses that you claim on your application and on an annual basis while you are alive and during your lifetime before you die (as these will increase premiums).
A permanent life insurance policy typically pays a monthly income to an insured person for the rest of their lifetime and may also provide benefits to their beneficiaries if they die during the coverage period.
A permanent life insurance policy can be designed in many different ways providing for different types of benefits including death-only, temporary or annuity-like benefits, which allow you to access your money during your lifetime up front instead of upon death as with some other policies.
Permanent life insurance policies are designed to reduce the chance of a person's death by providing for "survivor benefits" or cash payments to their heirs. They usually insure adults who can afford to pay for the premium payments each month, which can be very costly. The risk of death is much reduced if those insured are in good health at the time they buy a permanent life insurance policy. The cost of permanent life insurance policies may be affected by the level of medical expenses that you claim on your application and on an annual basis while you are alive and during your lifetime before you die (as these will increase premiums).
