Whole Life Insurance

Whole Life Insurance Helps Protect Your Family’s Lifestyle For Your Lifetime

Whole life insurance could protect your entire lifetime, and premiums stay the same regardless of age, health, or lifestyle changes. It also builds cash value and may pay policy dividends. The whole life policy that’s right for you depends on your family’s needs and how you prefer to pay your premiums.

The insurance world can be confusing if you are not an insurance guru. This is among the many reasons why people do not take insurance coverage. If you are shopping around for life insurance, you will find that there are two types of life insurance;

1. Term life insurance – the insurer pays premiums for a specific number of years, maybe for 25 or 30 years. If they die during this term, their survivors get the benefit. However, like car insurance, you lose coverage if you stop paying your premiums.

2. Whole life insurance—With whole life insurance, there is no specified term. You get to keep your insurance as long as you pay the premiums. Also, the premium value paid is fixed for life.

You must be wondering why you should take whole life insurance. Here is a list of various reasons to consider whole life insurance coverage.

Guaranteed Growth

Your money will earn interest every year. The interest rate is based on the economy and will fluctuate. Unlike in mutual funds, where you get an average rate of return, with whole life insurance, you get compounded tax-free growth.

If you like guarantees and stability, whole life insurance is your best option.

Access To Your Cash

This is one of the main benefits of whole life insurance. If you wish to access your cash before retirement, you can access it without obstacles. Unlike other funds that will penalize you if you do not pay back the borrowed amount by a specific date and with interest, the whole life insurance policy has no penalties.

You can leave the cash in the policy or borrow it whenever you wish without an obstacle.

Guaranteed Insurance

After purchasing the policy, cover is guaranteed for the rest of your life. Some people assume that they can purchase a new policy whenever they wish, but that’s not the truth, especially for people diagnosed with chronic diseases. At your own will, you add an accelerated death benefit rider for a small amount.

Doing so gives you access to a large portion of the money if you have a chronic illness.

Death Benefit

Even if a whole life policy has many other benefits, remember it is a life insurance policy. After you die, your beneficiaries will receive a tax-free sum of money.

Whole life insurance is just one way of protecting your wealth. It is one of the tools used by family dynasties to protect their wealth. Death payouts from life insurance policies taken by the diseased promote the tax-free inter-generational transfer of wealth.

If you are looking for the right policy, work with the experts at Aines Carter & Associates. We have plenty of experience and will tailor a policy that fits you. Please feel free to contact us today and take charge of your finances.