Cash Value Explained: The “Hidden” Power of Permanent Life Insurance

Permanent life insurance offers more than just a death benefit; it builds cash value that can be accessed tax-free for expenses like education or retirement. It typically costs 5 to 10 times more than term life insurance, which provides coverage for a set period without cash value. Permanent policies may include riders for long-term care or critical illness. Employers can offer voluntary life insurance benefits, usually requiring a minimum group size. Choosing between term and permanent depends on individual needs and financial goals.