Reader’s Question:

Is it only in Lancaster, California CA where the cost of permanent life is higher than that of the term life insurance? Please enlighten me on this. Thank you.

Gina

Lancaster, CA

Rest assured that permanent life insurance costs are definitely higher not only in Lancaster California CA but also in most places in the United States. Permanent life insurance policies insure a person throughout his or her life. Permanent life insurance continues to be in effect until such time that the permanent life insurance policy expires or matures.

Unlike term life insurance, permanent life insurance increase cash values that would reduce the sum total at risk to the permanent life insurance company and their expenses in the long run. Building cash value simply means that the permanent life insurance policy owner is given access to his or her money in the cash value by borrowing, withdrawing or receiving the surrender value upon surrendering his or her permanent life insurance policy. There are three types of permanent life insurance: universal life, whole life and the endowment.

You should also know that permanent life insurance cannot be terminated or cancelled by the life insurance company in Lancaster California CA for any reason other that fraud in the permanent life insurance application. Also, the termination must be done within a period of time, normally within two years.

I strongly recommend that you do some shopping for online quotes so you can compare rates in your area, which can easily be done using this website, just like any other insurance site.