Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Permanent life insurance, also known as guaranteed universal life insurance (GUL), is designed to provide a guaranteed lifetime of coverage protection.

Permanent life insurance is often referred to as “permanent term insurance” because of its simple fixed premium feature, just as a term life insurance policy.

However, unlike term life insurance, you will never need to worry about coverage ever ending or your premium increasing during the life of the contract.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Table of Contents

Old Permanent Life Insurance Policies

Permanent life insurance policies have undergone a big change since the start of the early 2000s. If you are familiar with universal life insurance, currently own one now or owned one in the past you may be aware of the horror stories associated with them.

Many universal life insurance policies purchased prior to 2000 have not performed as projected and have become a major headache for many policy owners.

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The Problems with Older Universal Life Insurance Policies

The problem with older universal life insurance policies is that they were based off of projected interest rates. These projected interest rates in many cases were as high as 16% showing large cash value earnings. With interest rates that high why wouldn’t you buy one? That’s some nice cash value earnings! The high cash value earnings were intended to offset the increased cost of insurance throughout the policy years.

The Problem: interest rates never made it to those highly projected rates. Interest rates early on were good and decent cash value was made to cover the increased cost of insurance, but as the years went on and the economy went down, so did interest rates. When interest rates went down, cost of insurance went up and cash values decreased causing policy owners to either pay more money to continue coverage or even worse let the policy lapse entirely.

The Guarantees That Come With (GUL) Permanent Life Insurance Policies

The Solution: since the start of the early 2000’s and onward, permanent life insurance policies have taken a change for the best. The days of highly projected interest rate universal life insurance policies no longer exist. New and improved permanent life insurance policies or guaranteed universal life insurance policies (GUL) have been designed with a fixed premium that will never increase… GUARANTEED.

The permanent life insurance coverage is also guaranteed to last all the way to age 121. You will never need to worry about outliving the insurance coverage. Permanent life insurance policies do not have high-interest rates. They do not focus as much on earning high cash values due to the fact that coverage is guaranteed regardless of the cash value build-up. You will never need to worry about having to pay additional premiums to cover the increasing cost of insurance as you get older, regardless of the cash values earned from your policy.

The Benefits of Permanent Life Insurance

Guaranteed Fixed Premium

Guaranteed coverage to age 121

No need to ever medically re-qualify in later years

Ability to earn cash value

Cheapest form of permanent life insurance coverage

Death benefit proceeds are tax free

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Who Should Consider a Permanent Life Insurance Policy?

Permanent life insurance should be considered by those who have permanent life insurance needs. Permanent life insurance needs could be anything from estate taxes, legacy planning, significant debt re-payment, funeral expenses or not being able to apply for coverage due to future medical concerns.

A permanent life insurance policy is a perfect choice of coverage for just about anyone, child or adult. Permanent life insurance policies are the number one type of life insurance coverage to protect you against future insurability due to unforeseen health changes. There is no wrong choice when considering purchasing permanent life insurance.

How to Get A Permanent Life Insurance Quotes with Top Quote Life Insurance

Getting your permanent life insurance quote with Top Quote Life Insurance is quick and super easy. Follow these 6 easy steps to get a list of the best prices for permanent life insurance coverage instantly.

  1. Enter your information in our quote software at the top of the page “Permanent Life Insurance Quotes.”
  2. Make sure you select the appropriate risk class based on your current health.
  3. Type of insurance select “To Age 121.”
  4. Click “Show Quote” for a list of all your permanent life insurance results.
  5. The result page will list all (A) rated life insurance companies along with prices for all available guaranteed fixed premiums to age 121 permanent life insurance based on the information you have input.
  6. When you find a price with a life insurance company that fits your needs, simply click the “apply” button and a licensed Top Quote Life Insurance agent will be in contact with you to begin the application process.

Is Permanent Life Insurance Coverage the Best Type of Life Insurance?

Permanent life insurance policies offer a lot of guarantees making it hard to argue that they are not the best type of life insurance coverage. Permanent life insurance may not be for everyone, however.

Permanent life insurance has a much higher premium compared to term life insurance.

If your needs are not permanent and only temporary, then you might want to consider looking at term life insurance policy.

If you find yourself with both temporary and permanent needs consider looking into purchasing both a term and permanent life insurance policy. You can always cover your temporary need with the term life insurance and your long term needs with the permanent life insurance.

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Review Your Old Universal Life Insurance Coverage

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.