Are you looking for life-long life insurance coverage but haven’t found the right option? Rather than protecting 10-30 years of your life with a term life insurance policy, a permanent life insurance solution can stand by you throughout your entire life.  
Permanent life insurance is more customized, has more features, helps you save money for retirement and can be adjusted to fit your financial goals.

Read on to learn how you can use a permanent life insurance policy to protect your family, your finances and your future.  

What is permanent life insurance?

Permanent life insurance is a life insurance policy that doesn’t expire as long as you pay your premiums on time (monthly or annually). This is often a good option for people who know they need coverage for the rest of their lives. This could be due to a large estate, family needs or simply the peace of mind that comes with knowing your coverage never expires.

If you have a lifelong dependent such as a special needs child or loved one with a critical illness, and know they’ll need continued financial support, this policy can ensure you have the funds to do so.

Most companies define age 121 as when a permanent life insurance policy “matures,” which is when the insurance company pays out the death benefit. Of course, most all of us would receive a payout before age 121, as the death benefit is typically guaranteed and paid at the end of life. 

Flexible payment options and cash value savings

With permanent life insurance, you will pay a fixed rate throughout the life of the policy. These days, you can automate your payments and choose a payment schedule that meets your needs, and you may also borrow from the cash value of the policy to pay your premiums (with some types of policies, after a certain amount of premiums have been met). 

After a waiting period, your policy will start to accumulate cash value. Every time you pay your premium, a portion of your payment goes towards a savings account in your policy. This cash value grows tax-deferred throughout the lifetime of your policy.

The only caveat with accessing your cash value is that withdrawing funds can affect the amount of the death benefit that’s paid out when you pass away.

Many people use their cash value to fund their retirement, a dream vacation, a college education for a grandchild or another big expense.

By working with a licensed Quility agent, you can ensure you know the ins and outs of your policy to make the most of this cash value. 


Already have a term life policy? Find out how you can convert to a perm life policy here

Adjustable policy options

Both whole life insurance and universal life insurance offer lifetime coverage, but there are two major differences between these policies: specifically, the number of years you pay premiums (universal life requires a longer pay period than whole life) and how you can use your cash value component. 
With universal life insurance, the cash value savings component offers retirement-saving benefits; as the policyholder, you can overpay the monthly premium to build tax-deferred savings for future use. Even more, if you miss a payment, the cash value can step in and keep your policy active. Universal life insurance comes with a more affordable price tag but a certain amount of market risk, as the interest rate of your policy depends on market conditions. 

whole life insurance vs universal life insurance comparison chart
Protect your family’s future with permanent life insurance

If you know that you want life insurance coverage for life, a permanent life insurance policy is the perfect way to protect your loved ones, finances, retirement and personal assets.

And with a cash value component, you can grow tax-advantaged savings over the years, which is not achievable with a term life policy. 

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There are two types of permanent life insurance: whole life and universal life. Find out which is right for you here.
Ready to get a plan in place?

Schedule a consultation with a Quility agent today – it only takes a few minutes to see what you’re qualified for, and you’ll be on your way to a lifetime of protection and the retirement you’ve always wanted. 

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.