Permanent Life Insurance is for anyone at all stages of life. It provides lifetime protection, offering a guaranteed premium and the policy will not expire as long as you keep the policy active.
There are different types of Permanent Life Insurance, such as Whole Life, Universal Life, Term to 100.
Permanent insurance is more expensive than term insurance because the coverage is for life and the premium is guaranteed for life. It also usually accumulates a cash value. A great benefit of permanent insurance is the option to pay for a limited number of years and you never have to pay again. The options are usually 10 year, 20 year and up to age 65. There may be other options, but these are the most common. It is especially great for children and young individuals when the premiums are very low. Consider, if you are 25 years old, male in good health and you purchase a $50,000 policy for a life pay, you could get insured for under $30/month*. If you were to pay for 10 years and never pay again, your premium could be under $73/month and after age 35, you have this coverage for life. If you choose a 20 year pay, you can pay under $50/month*.
We usually encourage parents to purchase for their children or young people to purchase a $25,000-$50,000 of permanent life insurance with limited pay and a paid-up addition. This means, if their policy is participating and offers a dividend, then you can opt to have the dividend purchase additional insurance. In the future your coverage (death benefit) amount will increase.