Offers Lifetime Coverage, Cash Value Accumulation & Tax Free Death Benefits
Whole life insurance is a type of life insurance that covers you for the rest of your life, given that you pay your premiums. Unlike term life insurance, whole life policies include a savings component and the premiums are fixed and or locked in for life. It’s one of the most attractive benefits of this type of life insurance with a percentage of your premiums going to build the cash value of the policy, which is tax-deferred and able to earn interest. After meeting a minimum cash value requirement, you can withdraw or borrow the cash value to help meet bigger financial needs, like hospital bills, home fixes, emergencies, etc.
Whole life insurance provides fixed premiums and a guaranteed growth rate for the cash value for life. People who go for permanent life insurance are those who want to be insured for life and leave behind tax free money to their family or estates. It’s also a good choice if you want tax-deferred savings that can provide you with a source of funds if the need arises. Keep in mind that the growth rate is still on the low end compared to other types of investments, but offers guarantees and stability many other types of investments don’t. All proceeds of whole life insurance upon death are released tax free for your family unlike most other investments.
Key Features of Whole Life Insurance
- Simplified Issue, Non-Medical, No Physical Exam Required To Qualify.
- Permanent Coverage So Long As Premiums Paid.
- Cash Value Accumulation With Guaranteed Minimums That Can Be Used By Client Later On
- Level Premiums & Guaranteed Death Benefit For Life Upon Approval
- Tax Free Death Benefit For Family