PERMANENT LIFE INSURANCE

Le Nguyen Insurance is here to help you navigate permanent life insurance.

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Life insurance is almost always discussed in terms of the permanent form of coverage. This options ensures that you have lifelong protection, or at least as long as you continue to pay the required amount to maintain your coverage. There are many differences between the two branches of life insurance, permanent and term, so it is best to know the right option for you and your dependents before making your decision. For more information about permanent insurance, check out this information below. 

 

As you continually pay your fee for your permanent insurance, you are accumulating a fund that will eventually become a payout when you die, or a death benefit. This will cover your dependents to ensure that they are protected. Similarly, this value is tax-deferred even for the long amount of time that you accumulate the payments. The cash values of this form of insurance means that the funds can be used in the future to cover things like tuition for a child or retirement. 

 

There are two main forms of permanent insurance, known as whole and universal policies. A whole insurance policy is often the most stable option. Through this specific form of insurance, you have a guaranteed cash value and death benefit, as well as a premium that won’t increase as time goes on. The universal option is more flexible in terms of how you want the policy to operate at a specific time. If you want a make a higher payment for a few months because you have more expendable funds, then you are able to make such an adjustment. 

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If you are interested in learning more about term life insurance or other life insurance options, contact Le Nguyen Insurance. Le Nguyen Insurance proudly is serving the tri-state of Kentucky, Indiana and Ohio.