These are policies that remain in force well beyond the typical 20 to 30 year period of term insurance. With permanent life insurance, the monthly premium is higher than with a term policy of equal benefit, and the extra cash contributed will accumulate, usually tax free, providing financial flexibility to the policy holder.

The advantage of permanent life insurance is that it never expires. No matter how long the policy holder lives, the policy will pay the benefit when he or she dies. Also, the excess premium paid into the policy is guaranteed to grow at a certain rate of return, providing financial certainty for retirement and business buyout scenarios.

The disadvantage of permanent life insurance is its higher monthly premium.

Permanent life insurance is an excellent choice for:

• Members who want a systematic savings plan to reach certain financial objectives at some point in the future
• Members who own businesses and want to protect against the loss of an important partner or coworker