What Is Whole Life Insurance?
Most life insurance companies offer two main types of life insurance, (1) Term Life and (2) Whole Life.
A Definition Of Whole Life Insurance
If you want to protect your family or other people after their death it is imperative for you to purchase a life insurance policy. Whole Life Insurance offers life insurance protection for the whole life of the insured. One of the major benefits of whole life (other than lifetime coverage) is the fact that is builds up a cash value as each premium is payed. When those times in your life when you have an emergency need for funds, some have turned to their life insurance policy for a loan against the cash value of the policy. Any funds taken out of the policy are deducted from the benefit paid out to the beneficiaries.
There are several types of whole life assurance policies. We encourage you to speak with a trained agent to ensure that you purchase the best policy for your desires.
Whole life Insurance may be used as part of your estate planning because it accrues money after a person pays the premiums, as mentioned before. Because of the many wealth building benefits of a Whole Life policy, the premiums tend to cost more than Term Life. Over the years, many people have used Whole life policies as a wealth vehicle for their family. Many concerned parents have ensured that, after their passing, their families are taken care of for many years to come. No other tool is available that allows you to continue to help your family from the grave.
There are many types of variations you can get with a Whole Life policy. You are encouraged to speak with a knowledgeable insurance agent to learn more and to select the policy that works best for you and your family. To learn more about getting a whole life insurance policy for you and your family, contact Kelly DeFord today.