There are many people out there today who own permanent (cash value) life insurance for many different reasons. Some people use permanent life insurance to protect their family from a tragic loss, estate planning strategies, or buy/sell agreements within their businesses. While it is our belief that for straight death benefit protection, term insurance is most often a better solution, there are situations where permanent insurance can make sense in an individual’s financial plan. The question that owners of these policies should be asking is, “Will my policy be there when I need it?”
Insurance products, and more specifically permanent life insurance, are extremely complex products with several key characteristics. Just because you bought a “permanent policy”, doesn’t necessarily mean that it will last forever. While whole life often offers a guaranteed death benefit, many people make the mistake of assuming they own whole life. There are several types of permanent insurance and hundreds of variations of whole life.
Hotels will sometimes overbook their rooms. Similar to the airlines, they are counting on at least a few people having to cancel or failing to show up, but for frequent travelers or travelers on a holiday, the practice can be disastrous.
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