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Permanent Life

Permanent Life Insurance offers protection for a lifetime.

With the coverage, you have the ability to build cash value that can help you achieve your financial goals.

Common types of insurance at the workplace include:

Group Variable Universal Life: GVUL has a variety of unique features that can help you meet your needs today and in the years ahead. GVUL combines life insurance protection with tax-deferred investment options. This allows you to:

  • Invest additional dollars above the cost of insurance into
  1. variable investment portfolios
  2. an interest-bearing account with a guaranteed minimum interest rate*, or
  3. both.
  • Benefit from earnings growth, generally tax-deferred, on your contributions.
  • Supplement your 401(k) or other qualified savings plans.
  • Access cash value before age 59½, generally without penalty or surrender charges.**

Group Universal Life: GUL insurance can provide you with affordable, guaranteed protection. You can build your policy's cash value by contributing additional dollars into a tax-deferred interest bearing account. With a fixed rate account that never drops below a certain minimum, you can focus on guaranteed protection.*

Additional information

Additional information on Permanent Life insurance:

You should consider Permanent Life Insurance if you want:

  • Lifetime coverage.
  • Income protection with an additional tax-advantaged investment opportunity you can tap into during your lifetime.
  • Flexible funding options.

Some things to keep in mind about Permanent Life Insurance:

  • Current cost - As a general rule of thumb, Permanent Life Insurance tends to be more expensive than Term Life coverage.
  • Flexibility if you leave your employer - You can typically take your coverage with you, should you leave your employer.
  • Tax-deferred investment opportunity - In addition to your premium, you have the option to contribute more money to your coverage, providing you with a tax-deferred growth opportunity.