PERMANENT LIFE INSURANCE
April 6th, 2008
Savings and Protection
Initial age rate lasts all life.
It is a flexible policy: you can modify the insured sum, change the beneficiaries, change the way the insured sum is paid to the beneficiaries, etc.
Values generate interests which can be added to the insured sum.
Additional Benefits
Exoneration of policy payments due to total disability
Double indemnification for accidental death
Policy paid in life due to total and permanent disability
Advance of the insured sum for a serious illness
Savings which can be withdrawn without affecting your policy
Reimbursement of premiums at the end of a temporary policy or at death
Values which can be used as a guaranteed loan or as a guarantee for the duration of the policy
*Permanent life insurance does not include these benefits – you have the option of adding benefits.
Values: What are they?
It is an amount of interest on the value of the policy that can be used as a guaranteed loan (with a minimum interest rate) or be rescued from the policy (either partially or totally). It is necessary to consider that the values of the policy is what guarantees that the policy will last, in other words it is necessary to replace the loans taken from the policy or the policy will last less years.
How do they work?
All companies have a minimum wait period before you can rescue the values or get a loan. Usually it is 10 years. Before that you are penalized.
You must leave a minimum amount.
If your values do not reach the minimum you will not be allowed to ask for a rescue.
Companies charge minimal penalizations (for administrative fees).
If the insured passes away with a loan on his policy the beneficiaries they will receive the value of the policy having discounted the amount of the loan and the interests.
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