Questions to ask your life insurance proivder to make an informed decision.
The term Permanent Life Insurance or whole Life Insurance means you have a full working policy. It allows you to feel assured that at the end of 15 years the policy takes care of itself you do not have to pay into the policy any longer.
It is also non-taxable until it reaches maturity and thus only the interest it gains is taxable, or at the time of your death, or cash in surrender value. Permanent Life Insurance also becomes a liquid asset to you that helps show you have a paid life insurance policy worth face value.
Some people can even use this face value to borrow against with creditors. Permanent Life Insurance is at a higher premium then term life insurance simply because its permanent life insurance, which means you own it and it has no time expiration date like term.
Remember term is sometimes only good until 10 years then it has no value to you. Permanent Life Insurance also allows you to invest in the dividends, which allows you to make some interest on your life insurance. This can be paid to you or it can simply roll around giving you a higher life insurance. The advantages of Permanent Life insurance are.
· You get to pay it until it matures most are 15 years, after which you do not pay into it anymore.
· Once it hits majority you can be paid by it, or have the interest roll around to build it higher.
· A full mature permanent life insurance is a liquid asset that can be borrowed against.
· It automatically pays to the beneficiaries you nominate on the policy.
· It is only taxable on the interest or at the time of your death, or cashed in.
Therefore, when shopping for Permanent Life Insurance search for the one that best suits you. Ask about the maturity of the dividends then when the policy reaches majority how much would the dividends be worth to you roughly in fifteen years.
It may be a nice little payday for you usually depend on the amount of insurance. When shopping for Permanent Life Insurance you can do it in many ways, buy term for lower rates, then when you can afford to transfer your term into permanent life insurance.
Always know the ins and out of your policy before you sign anything, some permanent life insurance’s are a no end insurance which means you will pay 15 years and not be able to touch or use your policy against borrowing nor can you cash it in.
Have an insurance agent talk you through it and make the decision based on the information given. Always ask a question that is what they are there for, to give you answers on Permanent life insurance.
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