What is Whole Life Insurance?
Whole Life Insurance is insurance designed to cover your whole life span. Unlike term insurance, which will only provide coverage for a predetermined amount of time, whole life provides coverage for as long as you live, provided you make the premium payments. There are additional benefits to whole life policies as well. As you make premium payments, a portion of those premiums will go to a tax-deferred cash value account. If you should decide to cancel your Whole Life Insurance policy, you are entitled to receive all, or a portion, of that cash value amount. Also as your policy stays inforce and your cash value continues to grow, you may borrow against that cash value at a reasonable interest rate. Any money taken from the cash account value is non-taxable. Whole Life policies have a built in termination date of 100 years old and may even be written with guarantees to age 120. Which means if you pass away prior to your guaranteed period (I.E.100th birthday), your beneficiaries will be provided with a tax-free death benefit, however if you live to see your 100th birthday (in this example), the face amount will be paid directly to you!
Why should I buy Whole Life Insurance?
Life Insurance simply protects your family from financial hardships in the event that you die expectedly or unexpectedly. Whole Life insurance will provide a benefit to your loved ones and allow them to take care of themselves and your estate needs after you die. The benefit will provide enough money for funeral costs, unpaid bills, (such as credit cards) or mortgage payments, and also insuring education for your children. Whole Life insurance also provides you with a unique way to save money for your own future. Whole Life insurance is the perfect vehicle to protect your assets for the next generation and pass them on to the ones you love.
How much does Whole Life Insurance cost?
There is no predetermined amount. The cost will depend on a few factors. Your age, gender, health, what kind of insurance, and what company you are purchasing it from. Smoking or non-smoking and pre-existing conditions may effect the pricing as well.
How much Whole Life Insurance do I need?
Most financial advisors recommend that you buy a life insurance policy 7 to 8 times your annual salary. For example, if your annual income is $100,00 a year, the face value of your policy should be anywhere for $700,000 to $800,000. This will insure that your loved ones will be provide with a sufficient amount of money to provide for their future.
How does Whole Life Insurance provide stability in my retirement?
Life insurance was initially created to provide a death benefit to a family when a spouse or provider died early in life. However, today due to advances in medicine and medical care, people are now living longer that ever before. Life insurance will help you overcome your fears of the future. You will never have to worry about out living your savings due to extended illness or loss of Social Security benefits. It will also provide peace of mind that your family will be provided for adequately upon your death.
Please click on the link below to have a qualified, independent representative contact you to see if Whole Life Insurance is right for you
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