Understanding Permanent Life Insurance Coverage

Life insurance is one of the most important purchases that you’ll ever make for your loved ones. If you were to pass away, your family members would be responsible for all of your debts and unpaid expenses, which could leave them with thousands and thousands of dollars of debt. This can make an already difficult situation a thousand times worse. One way to give your family the money they need, regardless of what happens to you, is to have a quality life insurance policy.

At Longevity Brokers, we are proud to help our customers get the best life insurance to protect their family. We hear countless stories every year of families that lost a loved one unexpectedly, and on top of that, they were left with mountains of debt. Don’t let your family become another one of those stores.

Permanent Life Insurance Explained

Permanent life insurance policies are exactly what they sound like, they are a policy that provides life insurance coverage for your whole life. As long as you continue to make the payments on the plan, you’ll have coverage.

There are several different subtypes of whole life insurance, all of them have different advantages and benefits that our plans don’t provide. You’ll have to weigh all of the types to determine which works best for you and your family. Regardless of which one you choose, it’s vital that your family members have insurance protection.

Term Life Insurance vs. Permanent Coverage

The two main types of life insurance are term life insurance and whole life insurance, both of them are great options for coverage, but there are some distinct differences that you should be aware of.

With a term insurance plan, when you purchase the insurance policy, it comes with a predetermined time limit set on it, think of it as an expiration date. These plans are sold in just about every term length, but most companies have a 10, 20, and 30-year option that you can choose from depending on your insurance needs. When you complete the application process for a term insurance policy, you’ll be given a monthly premium amount, and that will stay the same for the whole length of the policy. The longer that the term is, the more that you’ll pay for coverage. If you’re looking for the most affordable coverage, term policies are going to be your best option.

The Advantage of Permanent Coverage

While term policies might be cheaper, there are several advantages to whole life policies that you should consider before making your life insurance choice. One of the significant advantages of whole life plans are that they accumulate cash value as you continue to make premium payments every month. The longer that you hold the policy, the more cash value that’s built up inside of the plan. You can use this cash value to borrow against if you never need it in the future. It’s a nice additional benefit that a lot of policyholders need in the future.

Another advantage to these plans is never having to worry about applying for coverage again later in life. With a term insurance plan, after the set length of time is up, you’ll have to reapply for insurance coverage again, which means going through the whole search all over again as well as taking the medical exam a second time. Because insurance companies factor in your age, you’ll be looking at much higher premiums. With a permanent life insurance plan, you won’t have to worry about doing all of that as long as you continue to pay the monthly premiums. If you don’t want to worry about losing coverage in the future, then these are a great option for you and your family. But these benefits do come with higher monthly premiums.

How much Life Insurance do you need?

Aside from choosing the best type of insurance, it’s vital that you purchase enough insurance coverage for your family. Not having enough life insurance could leave your family with leftover expenses that they don’t have the resources to cover. There are several factors that you need to consider when calculating your insurance needs.

The first thing that you need to look at is your debts and unpaid expenses that your family members would be responsible for after your passing. This means adding up your mortgage, car payments, student loans, funeral expenses, and all of your other debts. Make sure that your life insurance plan is going to be large enough to pay off all of those final expenses.

The another financial factor that you’ll need to calculate is your annual salary. The secondary goal of your life insurance is to replace your paycheck if anything tragic were to happen to you. If you’re one of the main income earners in your family, they will struggle financially if you passed away, but that’s where your life insurance comes in. It gives them the money they need to replace your income without sacrificing their standard of living. Most expert suggests getting between seven and ten times your annual income.

Getting Affordable Life Insurance

In most cases, life insurance is much more affordable than applicants assume. There are several ways that you can get the most affordable policies available. One of those ways is to improve your health.

After you apply for coverage, the company is going to want an overall picture of your health to assess how much of a risk you are to insure. They will require you to complete a medical exam before accept your application. The better the results from the exam, the lower the monthly premiums. Start a regular exercise regimen and healthy diet to improve your chances of getting affordable life insurance coverage.

Another way to ensure that you’re getting the best rates is to compare quotes from dozens of insurance companies before you choose the one that works best for you and your family. Every insurance company is different, and all of the systems for calculating insurance premiums are different, which means that you could receive drastically different quotes for the same coverage. Instead of wasting your time calling all of the companies yourself, let us bring the lowest quote directly to you.


Life insurance is the most important investment that you’ll ever make for the future of your loved ones. Nobody wants to think about his or her death, but it’s one of the best plans that you can make.

At Longevity Brokers, we are proud to offer several quality insurance products to fit your needs. If you have any questions about permanent life insurance or any of our other life insurance policies like auto insurance or homeowners insurance, please contact us today.


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