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Permanent life insurance

Protection for life

Permanent life insurance provides protection for your entire life while offering the ability to potentially accumulate and access cash value.1

Permanent life insurance benefits

  • Peace of mind for you and financial protection for your family that lasts your entire life
  • Cash value accumulation that can be used for major expenses like college tuition or supplemental retirement income

What is cash value?

Permanent life insurance policies allow the premium dollars you pay to potentially accumulate cash in your policy over time.

This cash value can grow efficiently because a policy’s cash value grows tax deferred.

Using cash value

You can tap into your policy’s cash value by making a withdrawal or taking a loan against your policy. 

It is important to understand that policy loans and withdrawals may create an adverse tax result in the event of lapse or policy surrender and will reduce your policy surrender value and death benefit. You may be required to repay the loan or make additional premium payments in order to keep your policy in force.2

Protection and growth: Fixed or flexible?

The type of permanent life insurance you choose should partially be based on how much flexibility you want. A financial professional can help you choose the type of product that works for you - fixed or flexible. 

Whole life insurance provides guaranteed death benefit protection for your entire life while offering a fixed rate for cash value growth. You pay fixed premiums that will not increase. It’s a great way to protect your family while accumulating lower-risk, predictable cash value growth.

Learn about whole life insurance

Universal life insurance also provides death benefit protection – but as your needs change, you have the flexibility to make changes to your policy. You have the ability to modify both your amount of coverage and your amount of premiums.3

Learn about universal life insurance

Estimate your needs

Find out how much life insurance you need.

Use our calculator

Term life insurance vs. permanent life insurance  (article with video)

There are two types of life insurance, term life insurance and permanent life insurance. Learn the difference between the two and which might be right for you.

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1 If owner/insured are different, the death benefit will be paid upon death of the insured. 

2 Withdrawals may be subject to taxation within the first fifteen years of the contract. You should consult your tax advisor when considering taking a policy loan or withdrawal. 

3 Additional underwriting may be required to increase insurance coverage. Depending upon actual policy experience, the owner may need to increase premium payments to keep the policy from lapsing.

Insurance policy guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.  Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods. Policyholders could lose money in these products. 

Please keep in mind the primary reason to purchase a life insurance product is the death benefit. 

You should consult your tax advisor regarding your own tax situation. 

DOFU 3-2022