There is some controversy about whether permanent life insurance or term life insurance is better. The first is more expensive, so many agents advise having term insurance and saving the difference between the two insurances in a checking account. “That way, you always have the money in your hand.”
Although it is a valid idea, nobody disputes that there are aspects of permanent life insurance that make it very attractive.
When a person takes out permanent life insurance, they get certain benefits that are not always associated with the death of the beneficiary. A portion of the permanent insurance premium funds is invested as a tax-free savings fund. Something that does not happen when you have a savings account, for which you pay different rates and fees.
On the other hand, the beneficiary can make use of the money saved. For example, if you need funds to buy a house or pay for college for your children, you can borrow using the cash value of the permanent insurance policy as collateral.
And, as if this were not enough, if the beneficiary of permanent insurance becomes ill, it is possible that he can receive between 25% and 100% of the death benefit, without the need to die. Also, if the illness is terminal, critical, or chronic, such as a heart attack, stroke, invasive cancer, or end-stage renal failure, the beneficiary can use up to 100% of their death benefit.
Discussion aside, if you have questions about which insurance is best for you and your family, just pick up your phone and contact Univista Insurance. Talk to an insurance advisor, who will explain all the details of this complicated matter and guide you by the hand in making the decision that best suits you.
Call us today for a full qualification! 305-740-1340. You can also quote for free here.