When you want to be sure that you will be leave an Inheritance for your family, a Permanent Life Insurance policy is your best choice . Permanent Life Insurance is also known as Universal Life, Whole Life, and Cash Value Life Insurance. Although the names are different, they all work the same. You pay a little more early in the policy years when you are younger and this extra premium is invested for you. This extra cash is used to offset the higher cost of insurance when you get older. This levels your payments and keeps you from getting “priced out” of your policy.

Permanent Life Insurance Costs Less than Term Life in the long run

Term life insurance is temporary insurance. It offers the lowest price for a certain amount of time and then it ends. As each term renews, it goes up in price. For example, annual renewable term goes up each year as you get older. 10 year term goes up after 10 years. Term insurance works great for temporary needs. To cover a mortgage, or to insure there’s money for your children’s college.

But what happens when you get older, say 75 or 80 years old? We had a client who purchased 10 year term when he was 67 years old. The premium was $135 a month. When his 10 year term was up, the company offered him an annual renewal term policy for $900 a month! And it would go up each year. He was effectively priced out of his life insurance.

A Permanent policy would have cost him $300 a month. But after 10 years, he would still be paying $300 a month all the way to 100 years old. And he would still have life insurance for his family.

This is only one scenario, you need to run quotes and health underwriting to determine actual rates.

Permanent Life Insurance Builds Cash Value that can be used in an Emergency

What happens to that extra money you pay in the early years of your policy? Its invested and kept in a separate account until needed to offset premium. How it’s invested is up to you. Some people opt for a guaranteed fixed interest rate. Others opt for an adjusted rate, which can go up and down based on the Prime rate or another financial index. There are even policies that will participate in the stock market like the S&P 500 index.

Individual investments, rates and returns vary by policy, you need to check individual policies to know exactly how these policies work.

And if you have an emergency, you can withdraw or borrow the cash value of the policy. Or if you no longer feel you need the insurance, you can surrender the policy for the cash value. When you cant afford to make payments, some policies will even allow you to use your cash value to keep the policy in force. You can’t do that with Term Insurance. Once you stop paying, your insurance lapses.

Cronin Insurance offers dozens of Life Insurance Carriers

At Cronin Insurance Agency, we have access to dozens of the best Life Insurance Companies in America. We shop each policy and give our clients a choice. You never know which company decides to be aggressive and offer lower rates. Just as you never know which company decides to go conservative and offer higher prices. The only way to know is to shop at the time you need insurance. At Cronin Insurance, we offer many companies to choose from, so you can decide.

Many Florida men and woman trust Cronin Insurance for Permanent Life Insurance policies like Universal or Whole Life when:

• They don’t want to be priced out of life insurance when they are in their older years.
• They want the lowest priced life insurance if they live a long life.
• They worry that they won’t be able to leave a large estate to their heirs.
• They wish to endow their church or favorite charity
• They figure to multiply the amount of money they leave their families or charities.
• They want to fund something in perpetuity.
• They refuse to burden their families with the cost of their funeral.

Cronin Insurance can help you decide whether you want the flexibility that Universal Life offers or the strict guarantees you get with a Universal or Whole Life policy.

Call and we’ll shop the market to find you the best Cash Value Life insurance quote.