Whole Life Insurance

Where Insurance Meets Investing

Protect your loved ones from the unexpected. With whole life insurance plans, a guaranteed death benefit allows family members to cope financially. How? The death benefit is able to cover a loss of income, mortgages, tuition and other school costs, funeral expenses, and provide a financial cushion for loved ones. With whole life insurance, you and your loved ones will have valuable protection and guaranteed cash value (which, in some cases, may grow tax-deferred). The best thing about whole life insurance? It’s permanent. That means once you set up your plan, you and beneficiaries ones are secured in the event of an unexpected death. As long as premiums are paid on time, you’ll never have to worry about losing coverage or dealing with the upkeep as there is none. As you get older, life insurance will become one less thing you have to worry about.

The difference between whole life insurance and the other plans? Cash value. This product is comparable to an investment product, combined with an insurance policy. Every month, a portion of your premium will be placed in a tax-deferred savings account, which is also known as the “cash value” of the policy. The percentage that is placed into cash value is determined by your specific plan. Over time, your cash value grows, and there are a couple of things you can do with this fund. Some policyholders decide to draw from these funds to aid with retirement costs or estate taxes, while others take out a loan with these funds to aid family members with college tuition. This plan allows policyholders to have their life insurance and investments bundled, providing convenience and an easy way to build your investments. Most policyholders enjoy this plan because it is an automatic savings. Despite whole life insurance being the most costly option, it provides valuable features that can often make your life easier. It’s one account with the features of two.

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