Life insurance can last a lifetime, provided you continue to pay premiums. The policy you purchase for a son or daughter today can still be there years from now, providing death benefit protection for this child's own son, daughter, or spouse. It has accumulation potential . Most gifts lose value over time. A permanent life insurance policy, on the other hand, has the potential to accumulate cash value each year.
Cash values are available .
There are tax advantages . Under current law, cash values that accumulate in the policy are tax deferred. Even when cash values are borrowed, there may be no tax consequences in many instances. Finally, proceeds received by beneficiaries are generally not taxable as income. Consult with your tax advisor for more details.