What is permanent life insurance?

Permanent life insurance is often called whole life insurance because it provides lifetime coverage – with the added benefit of accumulating cash value over time. Permanent insurance costs are usually guaranteed when you first buy the policy. And some permanent insurance plans enable you to pay for a limited number of years and then never again. Universal life and participating life are other forms of permanent life insurance that you may want to consider.

Is permanent life insurance right for you?

Permanent life insurance is well suited to meet the needs of people who are:

  • Interested in lifetime coverage, cash values and level premiums
  • In need of a permanent guarantee that will help protect family and loved ones, cover final expenses and enable them to otherwise plan their estate
  • Looking for a less expensive option than participating life insurance

An advisor can find you the right type of coverage for your needs and provide you with a quote.

Types of permanent life insurance:

SunSpectrum Permanent Life II

  • SunSpectrum Permanent Life II provides straightforward lifelong insurance 
  • This product is particularly well suited to people who want guaranteed protection for life but are not interested in actively managing their coverage 

Learn more about SunSpectrum Permanent Life II

Get permanent insurance

Step 1: Find an advisor

An advisor can help you determine the right life insurance for your needs. Talk to your advisor or find one near you to help answer your questions – there is no cost to talk to an advisor.

Step 2: Meet with your advisor

To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need additional information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.

Step 3: Apply for coverage

Your advisor will handle the paperwork for you. You’ll need to submit an application for a policy that will be evaluated by the insurance company. Depending on your age and the type and amount of coverage you want, you will need to answer a medical questionnaire. You may also be asked to provide additional medical or financial information.