on your account

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at your cost

at your account

Understanding life insurance is one of the many challenges that young adults face these days. Between all of the confusing terms and the many options, it can become quite overwhelming. While you may be tempted to ignore this and see how long you can go without getting life insurance, it may be in your best interest to get life insurance now, while you are young.

Permanent life insurance is a type of insurance product that is very similar to an endowment or a whole life policy. The person insured by a permanent life policy is covered for life, and if you keep your policy payments up-to-date, your payout is guaranteed once your policy ends. Permanent life insurance also builds up cash value over time. This kind of insurance is different from term life policies, because term plans offer insurance that you can purchase for a predetermined length of time. Most of these times are for level periods, such as 5, 10, 15, or 20 years. With a term policy, your insurer only awards your beneficiaries a death benefit if you die during the term of your policy.

When permanent life insurance originated, companies only offered it in the form of whole life plans with fixed payments and non-flexible premiums (保险费). This guaranteed that consumers would have a pre-set cash value that would be guaranteed and a premium payment that would stay level over the years. It was inevitable that consumers would demand greater flexibility, and as a result, universal life insurance was created.

Universal life insurance was the best solution to the rigidity of whole life insurance. It let consumers enjoy much greater flexibility by allowing premium payment amounts to be adjustable. With a universal life policy, you could also withdraw from your plan without the heavy penalties and interest that whole life plans carried with them.

Other varieties of permanent life insurance later came on the scene. For example, variable life insurance emerged as a solution for consumers who wanted to take a greater risk with their investment but also gain the potential for much higher returns. Variable permanent life insurance is the best of both worlds because it combines the perks of whole life with the flexibility of universal. You can have greater control over the money you invest in your plan when you choose this option. Additionally, permanent health insurance plans all have great tax breaks, so when you combine the tax incentives of permanent life with the possible returns of investing in a variable plan, you may see your money explode in growth over time. No matter which permanent life option you choose, if you think you are a candidate for coverage, you should seek out an independent financial advisor that can assist you with choosing from these options.

You know that investing, risk, and liquidity are not your primary motivators for purchasing life insurance. The main reason is to protect your family with money for their living expenses if you die. The great thing about permanent life insurance is that it accomplishes this goal for your whole lifetime, and although investing is secondary, you also get the key benefit of an investment component. A permanent life insurance policy has a kind of "savings account" built right into the policy, so you have the ability to tap into or borrow against the cash value your policy has accumulated over time.

Permanent life insurance is better than term life because term insurance only covers you for a predetermined number of years. Although term life plans carry much lower premium payments, the policies build up no cash value over time. Permanent life plans are also great because the cash value that you accumulate over time is not taxed until you decide to withdraw it. You can even sidestep those taxes by taking out a loan against your policy. This is great for people who make a lot of money because they can shelter their earnings in a permanent life plan when they have maxed out all of their other investment options.

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