Policy Types

Millenials and Permanent Life Insurance

When you're young it may be tempting to opt for the least expensive life insurance offerings. But when you consider ideas like coverage that can last for a lifetime, you may want to take a closer look.

How Millennials Can Benefit from Paying Whole Life Insurance Rates

Millennials can be a hard sell when it comes to life insurance, and when they do buy, they're usually drawn to the less expensive rates that can come with a simple term life insurance policy. But most millennials probably aren't fully aware of all the perks that come with paying slightly more for whole life insurance rates.

Permanent life insurance vs. Term life insurance

While term life insurance can be extremely affordable, the policy usually expires within a set term such as 10, 20, or 30 years. Generally your policy will end when the term expires, and if you choose to renew your term life insurance policy, your premiums will not be quite as affordable as they were during your first term.

Permanent life insurance on the other hand, never expires (as long as you pay your premiums). It's essentially a life insurance policy that is designed to last a lifetime. A whole life insurance or universal life insurance policy also has the potential to build cash-value that you may be able to borrow against or allow to grow.

Locking into whole life insurance rates

Millennials currently have the advantage when it comes to locking into more affordable whole life insurance rates. While whole life insurance rates are generally higher than term, they'll be more affordable if you establish a policy while you're young and healthy, rather than waiting until you are older. By doing so, you'll have a permanent life insurance policy with premiums that will never increase as long as you continue to pay your premiums.

If you have more questions about the differences between whole life insurance rates, universal life insurance rates, and term life insurance rates, be sure to consult our Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Life Insurance

Whole life insurance rates when you're young and healthy can be very affordable. This article looks at the benefits of a permanent life insurance policy and how paying a bit more for whole life insurance rates can help young millennials get a permanent life insurance policy with rates that will never increase. For more information, visit our learning center.