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Why Having Permanent Life Insurance Pays Off

The benefits of investing in permanent life insurance.

When it comes time to secure life insurance, you have a lot of coverage decisions to make.  One of the first things that you need to decide is whether to go with a term life or permanent life policy.  While term life insurance is suitable for many people, there are some distinct advantages to investing in a permanent life policy.  Here’s why permanent life insurance might be right for you.

  • Your Coverage Never Expires

The most obvious benefit of permanent life insurance policies is that they offer coverage that never expires.  This means that you can simply secure one policy and never have to worry about finding another.  Additionally, because you will always have coverage, you can rest easy knowing that your beneficiaries will receive compensation no matter when you pass away.

  • You Have Cash Value Options

Permanent life insurance policies offer a cash value component that allows you to borrow against the policy.  The longer you have your policy, the more your cash value increases.  Once this amount reaches a certain limit, you can borrow money from your insurer, using the policy as collateral.  These types of loans do not require you to undergo credit checks or meet other qualifications.  Another bonus is that these types of loans tend to have lower interest rates than standard personal loans from a bank or other financial institution.  So, securing a permanent life insurance policy can offer you convenient and flexible financing options.

These are some of the reasons why permanent life insurance may be right for you.  Do you have more questions about your life insurance coverage?  If so, then contact the experts at Scautub Agency in Scotia, New York.  Our dedicated team is eager to assist you with all your insurance needs today.

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