Whole Life Insurance
Protect your family or business no matter what lies ahead with whole life insurance. This is a permanent policy that remains in effect from the day you purchase it until you die, as long as premiums are paid. Whole life insurance policies also give you the potential to receive dividends, which can increase the value of the policy when the insured is living or provide an increased death benefit for your beneficiaries.
The policy’s death benefit can be used for:
- Survivor needs
- Mortgage protection
- Wealth transfer
- Charitable giving
- Business needs
Whole life policies also provide for the accumulation of cash value on a tax-deferred basis, which can be used when you need it to help with life’s opportunities. Policy loans do accrue interest, and any outstanding loans and interest will reduce the death benefit. The cash value that accumulates in whole life policies can also be accessed during your lifetime through a policy loan and used for:
- Supplementing retirement income, as your need for life insurance decreases
- College tuition expenses
- A down payment on a home
- Emergency and other needs
Whole life insurance builds value based upon a set schedule. You’ll know the exact cash value of your policy on each policy anniversary. (If you take a loan or withdrawal from your policy, of course, the cash value and death benefit will decrease.) If you’d like to discuss your life insurance needs, give us a call. We’ll point the way.