Life Insurance

Whole Life Insurance Policy

Whole life insurance policy offers permanent protection and builds money value at a given rate. So, if you are looking for cash value insurance policy with guaranteed benefits, then this is your best match.

What Is Whole Life Insurance Policy?

Whole life is a type of permanent insurance that combines an investment fund with life coverage. Here, you are purchasing a policy that pays a fixed amount of money in death benefits. However, part of your premiums goes towards building cash value from the investments that the insurance company makes. This is the primary reason why whole life plans are considered cash value insurance policies. The main goal of this type of life insurance is to provide permanent protection, offer fixed premiums, and guaranteed death benefits. Also, the policy is designed to build tax-deferred cash value. This means you can borrow against your accumulated savings without being taxed. Usually, the amount you pay does not change throughout the life of the cash value insurance policy.
Whole Life Insurance

Contact Us Today for a Whole Life Insurance Policy

Are you looking for a whole life insurance policy that takes care of you while you are still alive and your loved ones once you are gone? We are here to help you find an ideal policy that suits your needs and within your budget.

With a whole life insurance policy, you can be sure that your loved ones will be taken care of even in your absence. Contact us now and let us help you get an insurance policy that will protect you throughout your life and take care of your loved ones once you are gone.

Types of Whole Life Insurance Policy

Currently, there are three major types of whole life insurance policies. They include:
  • Traditional Whole Life Insurance: This type of insurance provides you with a minimum rate of return on your investment or cash value portion.
  • Single-Premium Whole Life Insurance: A single-premium insurance is for individuals who have large amounts of cash and would love to buy a policy upfront. Similar to other whole life insurance types, single-premium plans accrue cash value and offer tax immunity on the returns.
  • Interest Sensitive Whole Life Insurance: Interest sensitive whole life plans are a type of life insurance policy with a guaranteed minimum cash value, which increases on a yearly basis. It offers a valuable rate on the cash value portion. With this type of insurance, you enjoy a wide range of benefits, such as increasing death benefits without an increase on your monthly premium rate.

Benefits of Whole Life Insurance Policy

Whole life insurance provides you with the benefit of permanent protection. Although monthly payments may seem a little bit compared to term life insurance plans, this policy also earns you cash value at a fixed rate.

In addition, the policy allows you to access loans using the accumulated cash value as security. However, you should know that any loan you apply for will reduce your cash value and the death benefits of the policy.

Another benefit is that you can use the savings portion of your policy to pay for your premiums if you start early. Unless you make changes to your insurance policy, you will enjoy lifelong protection with no medical exams in the future. Finally, it offers a wide range of tax-saving opportunities that can help you build your estate.

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