Permanent insurance is an insurance policy that combines both the features of death benefits and cash value benefits. There are different kinds of insurance policy under permanent insurance and they are:
Permanent life insurance: is a policy that enables you to either receive death benefits and the same the same benefits. You can have this policy and wait till the death of the insured before getting the benefits or you can stop the policy and withdraw the cash value benefits.
Permanent endowment insurance: it is an insurance policy that is taken for a specific period of time.
Universal life: It enables a policyholder to change his/her financial capability. In otherwords, the policy is quite a different insurance policy where you cannot increase/decrease your premium, the universal life insurance is very flexible.
Group life insurance: is an insurance policy that is taken to provide coverage to a group of people under a contract. It is for a specific period of time, if the insured dies, they'll provide compensation for the insured's beneficiaries.
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