Whole Life Insurance
Bad things happen to good people. It is unfortunate, but it is true. The best way to make sure your family and loved ones will be taken care of if you are not around is to buy the right life insurance.
The two main types of life insurance are:
Term life insurance – only offers insurance benefits for the length of a specific term
Whole life insurance – offers insurance benefits that last an entire lifetime.
Let's say you buy term life insurance for 20 years. At the end of that 20 years, if you're still alive, then that is great that you are alive, but it is not great that all of the money you have paid in premiums over the past 20 years is gone. If you outlive the term of your insurance policy, your dependents will not receive one penny.
Whole life insurance offers greater benefits than term life insurance. Whole life insurance will protect your family for as long as you make continue to make timely premium payments. Additionally, whole life insurance can be used as a long term investment vehicle and retirement savings strategy.
The Benefits of Whole Life Insurance
When you buy a whole life insurance policy, your premiums never increase and you continue to accrue cash value for the policy. Also, whole life insurance products offer an investment component to the policy which may be in:
You are unable to control the way in which the funds are invested, but the policy continues to grow in tax-deferred cash value. You can also take out a policy loan to borrow money from the cash value of your account. So as long as you pay your planned premium amounts and repay any loans you make on the policy, you never lose the money you've invested. If you structure the plan right, you can pay off your entire policy within a few years.
Types of Whole Life Insurance
There are several types of whole life insurance to suit your unique needs.
Traditional – the most common plan, gives you a guaranteed minimum rate of return on your cash value
Interest-sensitive – gives you greater flexibility and the potential to get a greater rate of return on the cash value of your policy—without paying more in premiums
Single-premium – allows you to purchase a policy up front while still accruing cash value and receiving tax advantages on dividend returns.
Make sure your family is protected. Get more information on the Whole Life Insurance plan of your choice right now.
The two main types of life insurance are:
Term life insurance – only offers insurance benefits for the length of a specific term
Whole life insurance – offers insurance benefits that last an entire lifetime.
Let's say you buy term life insurance for 20 years. At the end of that 20 years, if you're still alive, then that is great that you are alive, but it is not great that all of the money you have paid in premiums over the past 20 years is gone. If you outlive the term of your insurance policy, your dependents will not receive one penny.
Whole life insurance offers greater benefits than term life insurance. Whole life insurance will protect your family for as long as you make continue to make timely premium payments. Additionally, whole life insurance can be used as a long term investment vehicle and retirement savings strategy.
The Benefits of Whole Life Insurance
When you buy a whole life insurance policy, your premiums never increase and you continue to accrue cash value for the policy. Also, whole life insurance products offer an investment component to the policy which may be in:
- Bonds
- Money-market accounts
- Stock investments.
You are unable to control the way in which the funds are invested, but the policy continues to grow in tax-deferred cash value. You can also take out a policy loan to borrow money from the cash value of your account. So as long as you pay your planned premium amounts and repay any loans you make on the policy, you never lose the money you've invested. If you structure the plan right, you can pay off your entire policy within a few years.
Types of Whole Life Insurance
There are several types of whole life insurance to suit your unique needs.
Traditional – the most common plan, gives you a guaranteed minimum rate of return on your cash value
Interest-sensitive – gives you greater flexibility and the potential to get a greater rate of return on the cash value of your policy—without paying more in premiums
Single-premium – allows you to purchase a policy up front while still accruing cash value and receiving tax advantages on dividend returns.
Make sure your family is protected. Get more information on the Whole Life Insurance plan of your choice right now.
Instant Issue Term Life will give you coverage WITHOUT a medical examination.
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