insurance

What is permanent life insurance?

 

What is permanent life insurance?

The Bankrate.com financial term of the day is: "Permanent Life Insurance."

Permanent life insurance lasts as long as you do. The policies are intended to remain in place for your entire life, so they don't expire and don't have to be renewed, unlike the more temporary term life insurance. Permanent life insurance pays a death benefit, which goes to your beneficiary when you die, and it also has a savings component, called "cash value." The premiums stay fixed, but the cash value part makes permanent life more expensive than term life policies, at least in the beginning.

If you want life insurance that will always be there for you -- for as long as you live -- then you want permanent life insurance.

To get an insurance quote, visit the Insurance section at Bankrate.com.

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