People have different needs so that all kinds of life insurance play an important and fundamental role in life affairs. Get your financial affairs in order and life insurance has to be a part of your financial security. Whole life protects you from the day you purchased the policy until you die as long as you continue to pay the premiums. Whole life guarantees the premiums never to increase regardless of your future occupation or regardless of your future health status or age. Whole life policy pays guaranteed cash value and some policies may offer a dividend option depending if the policy is a participating contract but dividends are not guaranteed. Whole life can be an effective method to protect your family's assets. Mortgage Protection- Can help pay off mortgage and other outstanding debts in the event of a premature death. Retirement Funding - Over the long term, if you no longer need the death protection, the cash value can be used as a loan or surrender of the policy to help you supplement your retirement income.
Education Funding- It can help you pay for the children or grandchildren's education through policy loans. Estate planning tool- Whole life insurance can be an effective way of providing funds for estate expenses, and to help avoid the sale of assets and or the need to borrow. Charitable Giving- This is a great way to make a significant donation to your church or charity of choice.
Whole life it's a little more expensive due to all the guarantees that a term policy does not offer whole life guarantees; death benefit, income tax free, tax- deferred cash value accumulation, ability to borrow from your cash value on a tax-free basis, premiums are guaranteed never to increase, coverage that is guaranteed never to be canceled, provided that premiums are always pay within the grace period, eligibility to earn dividends as declared by the company, and the ability to customize your contract by adding optional rider.
All life insurance was originally term insurance. However, because term life insurance only pays a claim upon death within the stated term, most term insurance policy holders became upset over the idea that they could be paying premiums for 20 or 30 years and then wind up with nothing to show for it. Is whole life the right contract for you? Before purchasing a policy take a look more than just the premium. For a better and more accurate quote just email me your information.
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