Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premium. Because these policies are designed and priced for you to keep over a long period of time, this may be the wrong type of insurance for you if you don’t have a long term need for life insurance coverage.

Why would someone need coverage for an extended period of time? Because contrary to what a lot of people think, the need for life insurance often persists long after the kids have graduated college or the mortgage has been paid off. If you died the day after your youngest child graduated from college, your spouse would still face living expenses. And what if your spouse outlives you by 10, 20 or even 30 years, which is certainly possible today. Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve/ and would you be able to pass on something to your children or grandchildren?