What are the Advantages of Permanent Life Insurance?

Because of the savings element, premiums are generally higher for permanent life insurance than for term insurance. However, the premium in a permanent policy remains the same, while the premium for a term policy can go up substantially each time you renew it.

The cash value can also be used to pay premiums. If unexpected expenses occur, you can stop or reduce your premiums. The cash value in the policy can be used toward the premium payment to continue your current insurance protection, provided that there is enough money accumulated. However, bear in mind that your death benefit is reduced by the amount that you use or withdraw. You can also surrender the policy before you die and collect the accumulated savings for use as you see fit.