Why Permanent Life Insurance May be Worth It for You

Benefits of permanent life insurance policies.old couple on laptop and tablet

When it comes time to secure life insurance, you have the option to choose a term life or permanent life policy.  While most people go with a term life policy, there are some distinct benefits associated with securing whole life coverage.  Here are some of the advantages of permanent life insurance policies.

  • Continuous Coverage

The most obvious benefit of permanent life insurance policies is that they offer coverage that never expires.  This means that you can simply secure one policy and never have to worry about finding another.  Additionally, because you will always have coverage, you can rest easy knowing that your beneficiaries will receive compensation no matter when you pass away.

  • Cash Value

Permanent life insurance policies offer a cash value component that allows you to borrow against the policy.  The longer you have your policy, the more your cash value increases.  Once this amount reaches a certain limit, you can borrow money from your insurer, using the policy as collateral.  These types of loans do not require you to undergo credit checks or meet other qualifications.  Another bonus is that these types of loans tend to have lower interest rates than standard personal loans from a bank or other financial institution.  So, securing a permanent life insurance policy can offer you convenient and flexible financing options.

These are some of the benefits of securing a permanent life insurance policy.  Interested in exploring this life insurance option?  If so, then contact the team at Desert Empire Insurance.  We are ready to assist you with all your coverage needs today.