Is a Whole Life Policy Right for Me?
Although the initial premiums may be eyebrow raising, whole life policies for many buyers is a great way to avoid higher premiums later in life. The extra money you pay in the early years of your policy means you won't have to deal with the huge increases in premiums that those with term policies face as they advance in age. In fact, in many cases, what you overpay for the early years of your policy will be returned to you later in life in the form of a yearly divi dend.
Things you should know about buying whole life
By buying a whole life policy, you are ensuring the following:
- With whole life, you are guaranteed the cash value, regardless of developing health issues on your part or regardless of their future performance as a company.
- You can borrow from the cash accumulation within the policy and this loan isn't subject to income tax, whether or not the loan is repaid.
- Providing an absolute guarantee of money to your family in case of death, with no need for special riders like those needed for universal lif e insurance.
- Some whole life insurance policies provide your family with access to its benefits if you, the proprietor become chronically/terminally ill or disabled.
- Money on a life insurance policy can cover other things besides loss of income, from covering mortgage or rent to paying off debt to funeral costs to paying for a children's education.
- The monetary benefit is a private transaction and is free from income tax. This also means that if your child is filling out financial aid forms for college, you don't have to list any cash received from a whole life policy.
In short, a large whole life policy can e nsure your family with a secure future that smaller policies cannot provide . Receive a free quote from us today to find out how you and your family can reap the benefits of a whole life insurance policy.