Many individuals are great candidates for term life insurance, especially people with young families who will require monetary support if they suddenly die. However, your goals may be more multifaceted than just leaving money for your mortgage and funeral costs. If your financial situation is more complex, permanent life insurance in LA may be right for you.

How Can Permanent Life Benefit Me?

The basic features of a permanent life policy include its accrual of cash value over time and the security of a death benefit even after you’ve finished paying premiums. Moreover, it stays in effect for the entire lifetime of the insured.

You’ll usually find whole, variable and universal types of permanent life policies on the market, and there are some key differences between them. Whole life offers guaranteed premiums, interest rates and death benefits with tax-deferred growth in its cash value. Universal life policies have a specified term and allow you to put a portion of the premiums in a cash account that earns tax-deferred interest. Variable life is similar to universal, with its capacity to invest part of the premiums. However, they can be placed in a diversified portfolio instead of a single cash account.

Which Kind of Permanent Life Is Right for Me?

Taking care of your family’s future is a top priority. Permanent life offers the capacity to leave significant funds behind for long-term care of dependence, inheritances and more. Before you purchase a policy, it’s prudent to consult with an agency providing insurance in LA.