Permanent life insurance offers coverage for your entire lifetime in Silver Spring, MD. Renee Oliver Insurance Agency Inc. explores the different types of permanent life insurance, including their features, benefits, and considerations.

Different Types of Permanent Life Insurance

1. Whole Life Insurance

Whole life insurance is a permanent life insurance policy that provides lifetime coverage and a guaranteed death benefit. This policy also has a savings component known as cash value, which accumulates over time and can be accessed during the policyholder’s lifetime.

2. Universal Life Insurance

Universal life insurance is another type of permanent life insurance that offers both a death benefit and a savings component. The policyholder can adjust their premiums and death benefit amounts, making it a more customizable option. A universal life insurance policy’s cash value earns interest tied to a specific index or interest rate.

3. Variable Life Insurance

Variable life insurance is a permanent life insurance policy offering investment options in the policy’s cash value. The investment options for variable life insurance policies may include mutual funds, stocks, bonds, and other securities. The policyholder has more control over where their cash value is invested and may earn more significant returns.

4. Indexed Universal Life Insurance

Indexed universal life insurance allows the policyholder to allocate a portion of their premium payments to a cash value account tied to the performance of an index, such as the S&P 500. The index-linked cash value account has the potential to earn greater returns than traditional savings components without the risk of investing directly in the stock market.

We Are Here To Help

If you are in or around the Silver Spring, MD area, contact Renee Oliver Insurance Agency Inc. for help selecting a permanent life insurance policy that suits your financial goals and objectives.