Permanent life insurance is a good idea when the death benefit is to be used for funeral costs, when the insured is using life insurance to pass their estate to heirs, when leaving money to a charity, or other purposes which require that the life insurance is in effect at the time of the insured person's death, even if at a very old age.
Permanent life insurance must be used if the desire is for the policy to build up cash value, or if the policy owner wants to have a reduced paid up policy if they ever stop paying premiums.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
When permanent life insurance is a good thing? That depends on who you ask! Some would say only if you have dependents or someone you want to leave an inheritance to. But the fact is that Whole Life is perhaps the safest way to grow your money! It offers a guaranteed interest rate and with mutual providers it also offers dividends. It is a much better vehicle to save and grow your money that any bank instruments - guaranteed returns and Liquid for your use. Also with tax benefits not offered anywhere else! So when is permanent life insurance a good thing...ALLways!
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Permanent life insurance must be used if the desire is for the policy to build up cash value, or if the policy owner wants to have a reduced paid up policy if they ever stop paying premiums.