Whole life insurance is able to provide protection for the entire life of the insured, rather than just for limited period of time. This means that premiums paid for this insurance may be considered as investment, which sooner or later will go to the designated beneficiaries (without tax, by the way).
As distinct from Term Life Insurance, in most instances, permanent policies are designed with a level premium payment for the lifetime of the policy, providing lifelong protection at a predictable cost. Cost of insurance depends on the insured’s age, sex, health, smoker/non-smoker, and the sum insured (amount of coverage).
Permanent (Whole) Life insurance policy may be issued for the applicants who are from 0 to 85 years old at the moment of application for the policy.
Permanent (Whole) Life Insurance policy may build up a Cash Surrender Value (CSV), which makes this policy an attractive investment tool. Should a policyowner decide to terminate a permanent policy, the insurance company is released its future obligations under the contract and it will return to the policyowner the policy’s cash surrender value. By that, the owner gets back a part or entire amount of premiums paid to the company. CSVs are guaranteed and stated in the policy, and generally increase from year to year.
CSV, or at least a high percentage of it, is available to the policyowner as a loan during the lifetime of the policy.
Permanent Life Insurance
Permanent life insurance is good until either the policy owner dies and it pays out, or the owner fails to pay a premium and forfeits the policy. Whole Life Insurance is a type of permanent life insurance which can pay out. There are numerous benefits to holding this policy including:
• Favorable tax treatment; you are not required to pay taxes on the earnings generated within the policy as long as the policy remains in force
• Ability to take loans against the policy; these are often taken tax-free
• Accumulation of a cash value on the policy, which can in turn be used towards education, retirement, or other expenses as needed
• Premiums remain the same, unlike term insurance where they increase with age
• Create a cash value on your policy
• If you decide to cancel, you are not out your complete investment because you have an accumulated cash value (minus any surrender charges)
WHOLE LIFE INSURANCE: GET A WHOLE LIFE INSURANCE QUOTE
If you are interested in an insurance policy that will stay with you for life and that will accumulate cash-value, then whole life insurance may fit your needs.
With a whole life insurance policy, you are covered for life. Your policy will never expire or need to be renewed as long as you continue paying your premiums.
Call now at 813-964-7100 and get a quick quote or go to: