Permanent Life Insurance
Are you looking for Permanent Life Insurance in Texas?
Nicholson Insurance Group is your premier insurance broker for Permanent Life Insurance products in Texas. We are a family-owned independent agency with 19 years’ experience helping Texans, maximize their investment dollars.
What is Permanent Life Insurance?
Permanent life insurance provides protection throughout your lifetime as long as you continue to pay your premiums in full. Most permanent life insurance policies build cash value for you to use for expenses later in life like paying off a student loan or purchasing a new car. Cash value is an attractive part of many permanent life insurance plans. Many of the newer policies provide a death benefit, cash value, or long-term care benefits.
- Whole life policies are the simplest and have the strongest guarantees of any type of life insurance. Whole life policies allow for the accumulation of cash value on a tax-deferred basis, which can be used when you need it. Your cash value will build slowly and steadily, but as your cash value increases, you’ll see it grow faster. It pays to be patient!
- Universal life policies have flexible features that can be customized for you and your loved ones. The flexibility of universal live coverage allows for changes to the death benefit and the size and timing of the policy’s premium, to an extent. So, as changes to your life take place so can your coverage. Your tax-deferred cash value account accumulates at least the guaranteed rate of interest but may accumulate at a higher rate depending on current market rates. Meaning, you may receive more cash value than expected or you may get none at all. Consult with our professionals about overfunding to make sure your universal life policy has cash value.
- Indexed life policies, using a formula, tie your cash value to the equity market indexes. As a life product, they guarantee that there is no loss of principal. For example: If the equity markets were to drop 40% you would see a 0% return instead of a 40% loss. If the market goes up 40%, you would be capped, i.e. 17%, but your average is going to be very good over an extended period of time.
- Variable life is a permanent life insurance policy with a cash value account. Variable life insurance policies require a fixed annual premium for the life of the policy and may provide a minimum guaranteed death benefit. If the cash value account exceeds a certain amount, the death benefit will increase. Variable life policies usually allow for a wider selection of investment options, known as subaccounts, for you to choose from. Your choices can range from a fixed interest subaccount to a highly volatile international growth account.
If you want a policy that has a tax advantaged investment feature, enabling you to build a legacy to pass to your family, please contact one of our professionals to get additional information.
