SteelHead Insurance Permanent Life Insurance Quotes

Looking for a good comparison? Term Life Vs Whole Life 

Also, at smartmoney.com, you can see more info here: Whole Life Vs Term Life Insurance

Permanent insurance also pays off in the event of your death, but it operates differently.

You pay a premium that much larger than the premium for term -- often five to 10 times the size -- but a portion of that premium goes into a savings component known as the policy's "cash value." That's why permanent insurance is sometimes referred to as "cash value" insurance.

Initially, the cash value is very low because much of the early premiums go to sales charges and the agent's commission. Over time, however, the cash value can grow, depending on the dividends or interest the insurer pays policyholders.

There are several different types of permanent insurance or cash-value policies, but the most common are whole life and universal life.

There's one other crucial difference between permanent and term policies. As their name implies, permanent policies are permanent. As long as you pay the premiums and keep the policy in force, you can keep the policy your entire life (which accounts for the name "whole life" policy).