Permanent Life Insurance

The big question all life insurance shoppers face is this: do I buy term or permanent? While public figures like Suze Orman and Dave Ramsay tell their fans to "buy term and invest the difference," they're not giving you the whole picture.

Permanent life insurance offers a number of benefits that term polices just can't match. Savvy investors have started using those benefits to solidify their financial portfolios...and you can do the same thing.

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What does permanent life insurance do for me?

Permanent life insurance offers cash value that grows steadily over time.

A lot, actually. Here's a quick list of features:

• Coverage length. It lasts for your entire life—it won't expire, like a term policy.
• Death benefit. It's guaranteed. As long as you keep your policy in force, your beneficiaries will receive a death benefit. Unlike term, you don't have to worry about whether you'll pass away in the next 10, 20, or 30 years. There's no expiration date on this coverage.
• Tax-advantaged cash value. Part of each payment you make funds a cash value account that grows over time. These gains aren't taxed until you pull out more than you've put in.
• Stable cash value growth. You have the option to choose stable cash value growth that's tied to (a) a set rate of interest, or (b) the gains in a market index.
• Student aid eligibility. Unlike many other assets, your life insurance is exempt from most student aid eligibility calculations. Stockpile money in your permanent life insurance money, and your student can qualify for more need-based awards.

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What can I do with my cash value?

Your policy's cash value can help send little ones to college.

Anything you want. We're not kidding. That's one of the major advantages of this kind of life insurance. That cash value is yours to do with as you wish.

This is a big, big advantage when it comes to paying for a child's college tuition. If you open up a 529 account or Coverdell plan, you're extremely limited in what that money can be used for. You can't use it to buy a car, for example, so your student can commute to a job and help pay for his expenses. And what if your child decides not to go to college...or drops out? If you want to repurpose that money, you're going to pay a penalty. That won't happen with your life insurance cash value.

You can use cash value for expenses like:

• Supporting you or a spouse through a period of disability. Remember, if you're not working, not only are you not receiving a paycheck, but your employer also isn't putting money into your 401(k).
• Paying college tuition. Most applications ask you for information about your income and assets. If you have too much money, your child may be turned down for need-based awards. But the cash value of your life insurance policy cannot be counted on most of those applications.
• Starting a business. Life's priorities change. Maybe you discover a new passion and want to make the leap to self-employment. That costs money—money you probably don't want to pay out of pocket. You can pull from your policy's cash value to help give you a fresh start in your new business, or use it to keep your business afloat if you need to ride out a rough patch. You can also use your cash value as collateral if you'd like to get a bank loan.
• Dealing with the unexpected. Sometimes bad things happen. Floods, hurricanes, earthquakes, family emergencies, massive car repairs...the list goes on and on. If you just don't have the cash on hand to deal with these things (and you don't want to rack up credit card debt), you can pull from your cash value to help pay the bills.
• Adding to your retirement income. You might want to do a little bit more than your current retirement income allows. Maybe you'd like to travel or do some home improvement. If your regular withdrawals from your pension, annuity, or 401(k) aren't giving you the amount you wish you had, take a look at how much cash value you've accumulated over the years. You may be able to pull from it on a regular basis, while still leaving a healthy death benefit for your beneficiaries.

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What's the catch?

There isn't one. Not really. The only reason people sometimes shy away from permanent policies is because they cost a little more than term life. But it's no different than paying into a 401(k) or IRA every month. It's just a different financial vehicle that can give you a lot of the same benefits...and some those other retirement accounts can't.

Let's take a look at a specific comparison. Here's the term policy quote. Note the yearly expense: roughly $500.

Now, let's take a look at the permanent life insurance rates. Note the yearly expense: roughly $3,000.

If the worst thing that happens is your cash value grows by more than four figures a year, that's not a bad thing at all. Plus, you have the security of knowing your family will receive a death benefit no matter what. With term life, if you outlive your term, what happens then? You'll never have that worry with permanent life insurance.

Sounds good! How do I get started?

• Get a free permanent life insurance quote by clicking the orange button below.
• Call us at 800-823-4852 Monday through Friday, 8 am to 5 pm, Pacific time.

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