Permanent Life Insurance.
Financial protection for the people you love, and a sophisticated tax strategy.
Permanent life insurance (whole life) gives your beneficiaries a tax-free payment after you die.
The cost of the insurance is often guaranteed not to increase from the purchase date. There are also options that allow plans to increase overtime, and can be used strategically within your individual or business financial plan. Permanent life insurance is one way to gain protection, even as the policy grows in value over time.
There is an ability to grow the cash value of a Permanent Life Policy over time, allowing the policy holder to borrow against it or use it as collateral for a loan. You may also withdraw your cash value, but this may reduce your policy’s death benefit. This could also create a tax liability, and should be discussed with an advisor prior to making significant changes.