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National
Investors
National Office
P.O. Box 460
Redfield, IA 50233
Toll Free: 800.838.2616
Fax: 515.833.2723
rjoe@nationalinvestors.com
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Permanent
Life insurance, which has many names, means that you're covered
for life. As long as premiums are up to date, your coverage will
always be there. This coverage was designed and priced for the long
term.
Most
permanent policies have what's called a "cash surrender value" or
"cash value". This feature, which is not available in most term
polices, gives you a few extra options...
- You
can cash out a policy and receive cash value, but if this is
executed early there could be possible tax ramifications.
- If
you have to stop paying premiums you can utilize the cash value
of your policy to continue your coverage for a specific amount
of time, or down-grade your coverage for life.
- Usually
you can borrow from the insurer up to the amount of your death
benefit. The loan must be paid back with interest, or your loan
amount will be subtracted from your death benefit.
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