Life insurance is not one-size fits all. Term policies tend to be less expensive and provide crucial protection for many families, but permanent life carries benefits you may not have considered. An insurance and financial advisor, such as a NAIFA member, can help you determine what type of coverage best meets your goals and fits your financial plan.

Premiums Never Change

One of the best benefits of permanent life insurance is that premiums are locked in on the policy's start date. Premiums don't change as long as they are paid, regardless of what might happen to your health as you get older. Buying early and when rates are good can provide a substantial long-term benefit for young people who get permanent life insurance. 

Policy Cash Value and Death Benefit

The policy's death benefit can help heirs and executors at a most critical time, by providing money to help administer the estate, replace lost family income, or as an inheritance.

In addition to the death benefits purchased in a permanent life insurance plan, policies accrue a cash value. This value can be borrowed from, in the form of a policy loan. The loan will cut the value of the death benefit by the amount borrowed. 

Permanent Life Is With You for the Long Term

Permanent life insurance is an asset. It offers liquidity during your lifetime and a death benefit paid to your heirs. Preparing for the late stages of life isn't fun at any age -- and permanent life insurance isn't the only thing you have to worry about along the way -- but it is something you can take care of now and will be glad to have later. 

Permanent Life Stays With You

Unlike employer-provided insurance, permanent life insurance will stay will you for the rest of your life as long as the annual premium is paid, no matter where your life might take you. It can also compliment other insurance policies and products in your financial plan.

For a better understanding of permanent life insurance, work with an insurance and financial advisor. With their help, you can craft an insurance plan that fits your needs and budget. Visit NAIFA's website, arm yourself with the knowledge, and find support, to become financially fit.