{"id":17705,"date":"2021-07-13T10:30:00","date_gmt":"2021-07-13T14:30:00","guid":{"rendered":"https:\/\/lifehappens.org\/?p=17705"},"modified":"2021-05-13T11:29:01","modified_gmt":"2021-05-13T15:29:01","slug":"how-to-build-wealth-more-with-permanent-life-insurance","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/how-to-build-wealth-more-with-permanent-life-insurance\/","title":{"rendered":"How to Build Wealth & More With Permanent Life Insurance"},"content":{"rendered":"\n\n\n\n[et_pb_section fb_built=”1″ _builder_version=”4.9.3″ hover_enabled=”0″ locked=”off” sticky_enabled=”0″][et_pb_row _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text _builder_version=”4.9.3″ hover_enabled=”0″ sticky_enabled=”0″ ul_item_indent=”25px”]

Many people know how term life insurance works. But they often don\u2019t know how permanent insurance works.\u00a0<\/span><\/p>\n

To refresh, <\/span>term life insurance<\/span><\/a> provides protection for a specific period of time. This is known as the “term.”<\/span><\/p>\n

If you pass away during the term, your loved ones receive a set amount of money. This money is known as the “death benefit.” Term life insurance is an affordable option that\u2019s especially popular among parents of dependent children.\u00a0<\/span><\/p>\n

What is Permanent Life Insurance?<\/b><\/h2>\n

Permanent life insurance<\/span><\/a> offers a death benefit with lifelong protection. Additionally, it offers you the ability to accumulate cash value on a tax-deferred basis. <\/span>It\u2019s money that\u2019s there for you whenever you need it, for whatever you need it for.<\/span><\/p>\n

How Permanent Life Insurance Builds Wealth<\/b><\/h2>\n

Have you considered putting your tax refund toward growing your wealth? If so, you may want to consider permanent life insurance.<\/span><\/p>\n

Marcus T. Henderson, Sr., <\/span>RFP<\/span>, AIF<\/span>, MRFC<\/span>, president and CEO of Henderson Financial Group, Inc.<\/a>, in Brentwood, Tenn., has been educating people about life insurance since 1989. He likens the difference between term and permanent life insurance to the difference between renting an apartment and buying a house.<\/span><\/p>\n

“With permanent life insurance, you actually own something and have equity,\u201d he says. \u201cYou have money to use even if the death benefit is never used.\u201d\u00a0<\/span><\/p>\n

Marcus says countless clients over the years have tapped into the cash value of their permanent life insurance. It’s helped them buy a house, weather a financial emergency and more. \u201cThat\u2019s especially true now with our longer lifespans<\/span>\u2014<\/span>people often outlive their term insurance,\u201d he says.<\/span><\/p>\n

Other Benefits of Permanent Life Insurance<\/b><\/h2>\n

Permanent life insurance has other benefits beyond building your wealth. They include:\u00a0<\/span><\/b><\/p>\n