Life Insurance Direct What Are The Pros And Cons Of Term Insurance | Page 20

There are three types of Permanent Life Insurance:
Whole Life Insurance – This is one of the more common forms of permanent life insurance. It
gives a bit more peace of mind in that the premium is locked in from the moment the coverage
starts. People who get life insurance early benefit the most form Whole Life Insurance as the
premium is likely to be lower when they get it at a young age.
The great thing about this plan is that the premium doesn’t change, so a person can count on the
same payment every month. The only negative is that because the premium never changes,
neither does the amount of coverage. This means that even with inflation a hundred-thousand-
dollar policy will still be a hundred-thousand-dollar policy twenty or fifty years later.