Permanent Life Insurance

Permanent life insurance protects you for your lifetime. It can build cash surrender values and provide a guaranteed death benefit. Life insurance proceeds bypass probate and estate taxes if made payable to a named beneficiary and not the estate. There are two types of permanent life insurance: whole life and universal life.

Whole Life Insurance

Whole life insurance provides permanent life insurance with a tax-advantaged cash value component. In addition, these policies have the potential for earning policyowner dividends. Whole life insurance doesn't require hands-on management by the policyowner. Instead, the life insurance company manages the assets backing the cash values and death benefit.

Universal Life Insurance

Universal life insurance provides a traditional life insurance component with a tax-advantaged investment component. You select an investment mix that is as individual as you are-taking into account the amount of investment risk you're comfortable with and your financial goals and circumstances. This type of policy is attractive for people who want to actively manage their life insurance policy.