A permanent life insurance policy lasts your entire life. It is also known as cash value life insurance. The policy builds cash value, that you can access with life insurance loans or withdrawals. Cash value life insurance pays a tax free lump sum death benefit to your beneficiary. Life insurance loans are income tax free and the cash value growth is tax deferred.
It is also referred to as "No Medical Life Insurance" .
The validity of any amount of insurance which has been in force for two years during the insured’s life will not be contested except for non-payment of premium contributions.
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In most cases, you can obtain a quote online using your basic health information; however, some insurance companies may require you to contact a local agent. To obtain an independent life insurance policy, in most cases, you will need to submit to a health screening. Usually an insurance company representative will visit you in your home or office to perform the exam. You'll need to give them accurate information about your previous or existing health issues as well as activities that may put you at risk, such as piloting a plane or skydiving. You will also likely be asked questions relating to your general mental health such as your mood, stress levels and any past or current mental health diagnoses.