The primary benefit of a whole life insurance policy is to leave a death benefit to the beneficiary of your choice so that person has the financial security intended by life insurance policy should the insured person die.
Whole life insurance policies consist of a death benefit and they may grow some cash value inside the policy over time from which a loan may be taken if needed.
Some whole life policies may allow for the cash value to be used to pay down premiums, or to add additional life insurance coverage to the policy.
For instance, when a mutual life insurance company returns dividends to the policyholder, those dividends may go into the cash value of the policy and be used to pay future premiums or add life insurance coverage to the policy.
Whole life insurance plans have guaranteed rates that remain the same for the life of the policy, and they provide guaranteed lifetime protection, as long as the premiums are paid.
So, whole life insurance provides guaranteed rates, lifetime protection, and may build cash value inside the policy.
Learn more about whole life insurance
Whole life insurance policies consist of a death benefit and they may grow some cash value inside the policy over time from which a loan may be taken if needed.
Some whole life policies may allow for the cash value to be used to pay down premiums, or to add additional life insurance coverage to the policy.
For instance, when a mutual life insurance company returns dividends to the policyholder, those dividends may go into the cash value of the policy and be used to pay future premiums or add life insurance coverage to the policy.
Whole life insurance plans have guaranteed rates that remain the same for the life of the policy, and they provide guaranteed lifetime protection, as long as the premiums are paid.
So, whole life insurance provides guaranteed rates, lifetime protection, and may build cash value inside the policy.
Learn more about whole life insurance
RSS Feed
