Permanent Life Insurance

Give your family peace of mind that lasts a lifetime

Permanent life insurance lasts your lifetime

With permanent life insurance, your family will get the payout (called the death benefit), even if you live to be well over 100.

When permanent life insurance is best

Permanent differs from term life insurance in that you don’t have to select a policy term or end date. The policy lasts your entire lifetime, as long as you continue to make your payments.

Specific situations: Available for ages 18-85, permanent life insurance coverage lasts a lifetime and builds cash value. If you want to leave a legacy to your family, guaranteeing that there will be money for your kids or even grandkids, then permanent life coverage may be right for you. Benefits amounts range from $50,000-$1 million+.

Keep in mind, a medical exam is required for coverage.

Permanent life insurance cost

Because the benefit is guaranteed, the price for permanent life insurance will run higher than term life insurance. However, the cash value aspect of permanent life insurance can help you save on your payments several years after your policy starts.

Cash value life insurance

Permanent life insurance is a cash value life insurance policy. That means that a portion of the premium you pay goes into a "cash value" sub-account. You can then invest and grow it tax-deferred (similar to a traditional 401k). As your cash value grows, you can even use the cash value to pay your premiums.

This can eventually build into a zero-cost policy, where all premiums can be paid from the cash value that has built up, while still keeping the same payout amount (death benefit). Just keep an eye out for this benefit. When you think you’re ready for a policy that could one day become a zero-cost policy, call eFinancial at 855-927-1882.

Types of permanent life insurance

Both types provide the cash value benefit.

Whole life insurance

You pay the exact same premium for the life of the policy and your payout amount stays the same.

Universal life insurance

This is a more flexible option that allows you to change your premium payments and your payout amount (death benefit) as your needs change. You also have more flexible investment options for your cash value, but you won’t get a fixed a rate of return.

See more on other types of life insurance available through eFinancial.