Permanent Life Insurance
Insurance that covers you
all throughout your life.
What is permanent life insurance?
It’s a type of life insurance that gives you lifelong coverage to protect your loved ones. This means that your coverage never expires, no matter your age, health, or history. Your loved ones are guaranteed a death benefit. Death benefit whenever you pass away, provided you’ve paid your premiums. And over time, your policy can grow in value too.
Benefits of permanent life insurance
Cash value
Some permanent life insurance plans also come with a cash value, a tax-preferred savings portion. Borrowing or withdrawing funds from your cash value may reduce your policy’s death benefit.
Lifelong coverage
You’ll get lifetime insurance that never expires.
Premiums that won’t change
Most permanent life insurance premiums don’t increase from the time you first buy the policy. And some permanent insurance plans guarantee that you’ll only pay the premiums for a limited time.
Tax-free death benefit
Your beneficiaries get the money from the death benefit to use in any way they want.
What are the different types of permanent life insurance?
There are 3 types of permanent life insurance plans: whole life insurance, universal life insurance and participating life insurance.
Each plan comes with unique features to meet your specific needs. Here they are at a glance:
| Features | Whole life insurance | Universal life insurance | Participating life insurance |
|---|---|---|---|
| Lifelong coverage | ✓ | ✓ | ✓ |
| Tax-free death benefit | ✓ | ✓ | ✓ |
| Chance to grow cash value | ✓ | ✓ | ✓ |
| Premiums | Fixed | Greatest payment flexibility | Some payment flexibility |
| Option to grow savings on a tax-preferred basis | ✓ | ✓ | ✓ |
| Choice of investment options based on your risk profile | X | ✓ | X |
| Opportunity to earn policy dividends | X | X | ✓ |
Get permanent life insurance
Meet an advisor
Not sure what type of insurance you need? A Life Guard advisor can help you figure it out and can provide you with a customized quote.
Buy permanent life insurance online
Looking for coverage up to $25,000? It’s a permanent life insurance plan you can get without having to provide any medical details.
You won’t need to answer any health questions or take any medical exams and are guaranteed to qualify regardless of your current health condition.