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Whole life insurance, also called permanent life insurance, is a form of insurance that guarantees a payout when you pass away, as long as you continue paying your monthly premiums. Those premiums are fixed, and will not increase over the years.
This kind of insurance is also referred to as cash-value life insurance, because it accumulates value during your lifetime. Unlike [term life insurance] a whole life insurance policy does not expire, and will last as long as you live. Some whole life policies only require you to pay premiums for a fixed number of years at a fixed rate, with your policy thereafter accumulating value on the amount you paid during that period.
One of the appealing features of whole life insurance is that you can borrow against it. In other words, you can access some of the cash that is being invested on your behalf through your whole life insurance policy, with a repayment schedule that you determine and without the need for a credit check.
Whole life insurance can also help bulk out your nest egg if you have a robust retirement savings plan in place. And, if you apply for a whole life policy while you are still young and healthy, you can lock it in at a relatively low monthly premium that won’t go up even if you develop health problems later in life.
Finally, a guaranteed death benefit can be essential in some scenarios. If you know you will certainly need to leave funds behind, it can provide money for a disabled child or to pay off high estate taxes.
There is no right insurance for everyone. Before purchasing, consider the pros and cons of whole life insurance:
Have an expert on your side to determine what insurance will protect your family. Contact SafeBridge today.