Whole Life
Whole life insurance gives the insured life-long protection. It never expires and the value is never reduced. It will pay your beneficiaries a specific amount of money upon your death. Sometimes known as traditional or ordinary life insurance, it is permanent insurance.
These contracts serve long-term goals by offering policy owners “level” or consistent premiums and guaranteed cash value accumulation. Cash value is similar to building equity in a home.
Whole life insurance is predictable. A fixed premium is guaranteed until age 100 when the cash value of the policy will equal the death benefit. If the insured is still alive at 100, this amount is paid to the policyholder.
Because the cash value increases over time whole life policies can be included in retirement and estate planning and viewed as a method of forced savings. You can also borrow against the accumulated cash value in the policy or use it as collateral for a personal loan.
Whole life can be used to replace lost income, pay debts or other obligations, settle an estate or transfer a business upon the death of the insured. Beneficiaries receive the death benefit no matter when the insured dies.
These contracts serve long-term goals by offering policy owners “level” or consistent premiums and guaranteed cash value accumulation. Cash value is similar to building equity in a home.
Whole life insurance is predictable. A fixed premium is guaranteed until age 100 when the cash value of the policy will equal the death benefit. If the insured is still alive at 100, this amount is paid to the policyholder.
Because the cash value increases over time whole life policies can be included in retirement and estate planning and viewed as a method of forced savings. You can also borrow against the accumulated cash value in the policy or use it as collateral for a personal loan.
Whole life can be used to replace lost income, pay debts or other obligations, settle an estate or transfer a business upon the death of the insured. Beneficiaries receive the death benefit no matter when the insured dies.
