What are Lifetime Level Premiums in Life Insurance?

When it comes to selecting life insurance for yourself, you may be focused on how much coverage you need, who will benefit and how long the policy will remain in place. But there's more to it than just that. You also need to consider the cost of the policy to you. When selecting a policy, the premium should be affordable to you. But what happens as you get older? Your health may not always be as good as it is today. As your health declines, your risks increase, potentially leading to a higher premium on your life insurance. Lifetime level premiums can resolve some of these concerns.

What is a Lifetime Level Premium?

A level premium whole life insurance policy can help you to significantly manage the amount you'll pay over the lifetime of the policy. Whole life insurance remains in place throughout your life (as long as you continue to maintain the policy). During that time, some policies will maintain the same premium charged to you no matter if your health declines. This means you will pay the same thing for the policy today as you will 10, 20 or more years from now.

More so, these policies also develop cash value. This means that you may be able to borrow the funds from your life insurance policy or cash in some of its value throughout your lifetime. This can provide you with a boost in income now or later on during your retirement.

What are the benefits of a whole life level life insurance policy?

• You'll have the same premium payment throughout your life, usually up to age 100.
• You are earning tax-deferred growth and value that you can borrow from throughout your lifetime if you want to.
• Your death benefit—the amount paid to your named beneficiaries—will be tax-free as well.
• You may earn money from your policy.

For all of these reasons, having access to a whole life insurance plan can be beneficial to many people. Take a closer look at all of your options when it comes to protecting your family members. With a policy like this, it can make paying for life insurance more affordable in the long term.

If you have questions, give the Joseph A. Britton Agency a call today at (908) 654-6464. We can help you get the life insurance coverage you need. You can even get started online now.