Cash Value life insurance is a type of life insurance policy that pays a death benefit when an insured individual dies, and it builds value during the life of the policy holder.
Permanent life insurance can be boiled down to a simple definition: its life insurance with a savings component. It allows the owner to have life insurance inforce for as long as they choose and allows them to build a substantial asset that they can add to their personal financial statement.
Permanent life insurance is absolutely not for everyone. It’s certainly not for those who are low income or overburdened with debt obligations that they are struggling to pay. The cost of permanent life insurance is substantially higher than term life insurance and most professional financial advisors would steer you away from this product if you total household income is less than $50,000 per year.
Cash Value Life Insurance 101: Should I Consider Permanent Life?
What Does Cash Surrender Value Mean?
Is A Last Survivor Insurance Policy Right For You?