Permanent Life Insurance

Give your family peace of mind that lasts a lifetime

This rate and coverage are provided and serviced by a third party.

Permanent life insurance lasts your lifetime

When you get Progressive Advantage® (powered by Efinancial) permanent life insurance, your family will get the payout (called the death benefit), even if you live to be well over 100. This is true as long as you keep making your payments.

What is permanent life insurance and when it’s 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: Permanent life insurance is for you if you want coverage that lasts a lifetime and builds cash value. Also, 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.

Details on permanent life insurance

  • Coverage lasts your entire lifetime
  • Available for ages 18-85
  • Medical exam is required for coverage
  • Policy does build cash value
  • Benefit amounts of $50,000-$1 million+

Cash value life insurance policy that grows tax-deferred

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, give us a call.

Two 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 life or 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 we offer.