Whole Life Insurance
Lifelong Coverage with Added Benefits
Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of the insured individual’s life, as long as premiums are paid as required. It offers both a death benefit to beneficiaries and a cash value component that accumulates over time, providing a source of savings and potential investment.
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Key Features
Whole life insurance provides coverage for the insured's entire life, offering peace of mind to policyholders and their beneficiaries.
Premiums for whole life insurance policies are typically fixed for the life of the policy, providing predictability and stability in financial planning.
A portion of the premium payments goes towards building cash value within the policy, which grows tax-deferred over time. Policyholders can access this cash value through loans or withdrawals, providing financial flexibility during times of need.
Upon the death of the insured, the policy pays out a tax-free death benefit to the designated beneficiaries. This benefit can help cover funeral expenses, outstanding debts, and provide financial support to loved ones.
The cash value component of whole life insurance policies typically grows at a guaranteed rate of return, providing stability and security in investment performance.
Some whole life policies may also pay out dividends, which policyholders can choose to receive as cash, use to reduce premiums, purchase additional coverage, or leave to accumulate with interest.
Whole life insurance can be a valuable component of estate planning, helping to preserve wealth and provide liquidity to cover estate taxes and other expenses.