What is Permanent Life Insurance Policy?
Reader’s Question:
I settled in Tacoma Washington WA after I got married. One day my brother visited me and said that since I have a family now, it would be wise for me to buy a permanent life insurance policy like the one he has. Perhaps, I would consider the idea, but I don’t really understand what he means by permanent life insurance policy.
Carl
Tacoma, WA
How’s your family, Carl?
Life insurance policies come in two basic flavors so to speak. One is “term”, which provides protection for a specified period normally stated in number of years; it can be a 2-year, 5-year, or 10-year term life. Another is “whole life”, which provides protection throughout your entire lifespan.
You get pure protection only with a term life insurance policy, and only for a limited period. People in Tacoma Washington WA usually buy a term life insurance policy for a specific purpose, like fulfilling credit life insurance requirement of banks where they incur a long-term debt. In case one dies before his loan gets fully paid, the term insurance policy pays the unpaid balance of the loan. The term life insurance policy ends when the loan matures and becomes fully paid.
A whole life insurance policy provides not only protection but also savings which the policy holder can avail of as living benefit. The protection offered by a whole life insurance policy is lifetime. For this reason, it is also called a permanent life insurance policy.
Now that you understand what it is, consider buying one in Tacoma Washington WA. Price information is available when you fill in the form found on this page.