Whole Life Insurance for a Life Time Safety

Whole Life Insurance is the basis for the financial safety of a family. Many life insurance companies offer wide range of whole life (insurance plans) that makes your family members get prepared to confront the sudden life-incidents. Moreover, whole life insurance builds you a cash value that can used for a lifetime.

How Whole Life Insurance Performs?

Whole life insurance provides a life time insurance safety (protection) to the individuals at level premiums. There are many policies of whole life insurance that require either single premium or premiums payable up to 100 and other too. Whole life insurance, in addition, also has cash value accumulation (which is tax-deferred). The insured can makes use of this cash value in the times of need. Loans in whole life insurance do mount up the interest. Other than that, any special loans in whole life insurance and interest will lower the cash value and death benefit.

Benefits of Whole Life Insurance:

  • Makes up for the family’s income loss, educational requirements and mortgage expenses
  • Cash value access with convenience at any time
  • An inheritance left- behind for the coming generation (e.g. estate planning)
  • Survivors of the insured, receive the full death benefit
  • Fixed premiums (annual) help the insured with instant resources for premium payments

Facts about Whole Life Insurance:

  • Whole life insurance not only offers death benefits(full) but also benefits of living
  • The inevitability of death is something that you can use to your advantage
  • Individuals often think whole life insurance policies to be highly expensive. The fact is that the insurance value provided by whole life insurance atones for the insurance cost

Whole life insurance offers different forms of whole life plans suited to one’s needs and budget:

  • Whole Life Plan: This type of plan offer you protection for lifetime, giving a wide insurance coverage to your opportunities and needs. The plan consists of features such as:
    1. Tax-deferred cash value growth
    2. Tax free income transfer of death benefit to the beneficiaries
    3. Level Premiums up to 100 years of age
    4. Any time access to cash value by the insured
    5. Eligibility to gain dividends (though not guaranteed premiums)
  • Single Premium Life: This type of whole life insurance plan provides benefits for a lifetime with only one (single) premium payment. Features related with type of plan are:
    1. Only one (single) premium payment
    2. Tax-deferred cash value growth
    3. Tax free income transfer of death benefit to the beneficiaries
    4. Eligibility to gain dividends (though premiums are not guaranteed)
  • Limited Pay Life (10, 15, and 20): Limited Pay Life plan in whole life insurance offer full – life benefits without paying life-time premiums. These plans have the following benefits:
    1. Payment of the premiums is limited such 10, 15 or 20 years
    2. Tax-deferred cash value growth
    3. Any time access to cash value by the insured
    4. Tax free income transfer of death benefit to the beneficiaries
    5. Eligibility to gain dividends (premiums though, are not guaranteed)