Permanent Life Insurance
There are two big ways that permanent life insurance is different from term life insurance. First, the policy is meant to last the rest of your life (as long as you make the required premium payments, of course). Second, part of the money you pay into your permanent life insurance policy is set aside in an account where it can grow cash value that you can access later in life as you need it.
There are several types of permanent life insurance, each with different advantages:
- Whole Life Insurance - the simplest form of permanent life insurance. You'll pay the same premium for the rest of your life.
- Universal Life Insurance - gives you more flexibility than Whole Life. Once your policy has built up cash value, you can decide when and how much you want to pay. And if your needs change, you can increase or decrease your death benefit amount within certain limits without buying a new policy (though you might need to get a medical exam).
- Variable Universal Life Insurance - gives you the option to invest your premiums while your death benefit remains safe.
- Equity-Indexed Universal Life Insurance - your cash value will be linked to changes in a widely recognized market index and your policy will decide in advance what the maximum and minimum growth rates are.
The O'Quinn Insurance Agency provides life insurance for Daytona Beach, Ormond Beach, Port Orange, Palm Coast and all of Volusia and Flagler counties. Learn more about our various life insurance products by following the links below, or contact us today to talk to a friendly O’Quinn representative about your insurance needs!