Is Permanent Life Insurance Right for You?
Permanent Life Insurance policies include insurance and savings in a single tax-advantaged plan.
The two most common types of Permanent Life Insurance are Whole Life and Universal Life.
Permanent Insurance is the type of insurance where the insurance protection and the cash value (if applicable) are bundled together and the cash value is managed by the insurance company. A hands off approach.
Universal Life on the other hand is an unbundled plan. Deposits are applied to the policy as they are paid each month or year. The insurance company deducts the insurance administrative costs from the deposits. The balance of the deposit is then applied to the saving account which is made up of a selection of investment options within the policy that you can manage.
We can help you understand the differences and determine what is right for you and your family.
Carruthers Financial will help you plan...