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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.

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 impact 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.1

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.2

Learn about universal life insurance


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Term life insurance vs. permanent life insurance

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Choosing beneficiaries is essential to ensuring your benefits are paid to who you want to receive them. Learn who you can designate, when to change your beneficiary, and more.

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

2 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, and may contain restrictions, such as surrender periods. Please keep in mind the primary reason to purchase a life insurance product is the death benefit. 

This information is a general discussion of the relevant federal tax laws provided to promote ideas that may benefit a taxpayer. It is not intended for, nor can it be used by any taxpayer for the purpose of voiding federal tax penalties. Taxpayers should seek the advice of their own advisors regarding any tax and legal issues specific to their situation. 

DOFU 3-2019