Is Permanent Life Insurance For Me?
It can be very confusing when you are looking into what type of life insurance you should get. Pretty much your main choices are either term life insurance or permanent life insurance. You of course always want the best for your family if something bad is going to happen. You want to have that piece of mind that they will be looked after once you are gone, but knowing what type of life insurance is for you can be tricky. So we are going to look at permanent life insurance.
What Is It?
Permanent life insurance will see a payout paid at the end of the policy. As long as your payments are kept up then the payment will be made. There is no set amount of years in this policy like there is with term life insurance. It also is a very expensive kind of insurance that has many different little fees.
Should I Get Permanent Life Insurance?
This is the most expensive type of life insurance so it is important that you know going in that your yearly premiums will be quite expensive, but at the same time can you put a price on that kind of piece of mind? For me this really is a kind of life insurance policy that is more suited to elderly people who have quite a large amount of money.
While no doubt there are some benefits to having a permanent life insurance policy for me it is a very expensive way. If you are younger then I really could not recommend this type of insurance, but if you have a high paying job and you want a guarantee of a payout without being tied into a set amount of years then it may be worth thinking about.