WHAT IS WHOLE LIFE INSURANCE?
Whole Life Insurance is a type of permanent life insurance, which provides a savings or “cash value” component, it covers you for as long as you live. To receive the death benefit, you must pay the same amount of premium for a specific period.
According the Insurance Information Institute, Whole Life Insurance is the most common type selected among individuals choosing life insurance plans.
WHAT ARE THE BENEFITS OF WHOLE LIFE INSURANCE?
Fixed Premium and Death Benefit
The premium and face amount will not fluctuate as you age, and you will be well equipped to inform your beneficiaries of what to expect upon your death.
The presence of guaranteed cash values makes a whole life insurance policy worthwhile because you can borrow against your cash value or surrender your policy to get the cash value in hard cash.
Guaranteed Rate of Return
The cash value is basically an investment account inside your whole life insurance policy that grows at a guaranteed rate over time.
IS WHOLE LIFE INSURANCE RIGHT FOR ME?
Whole life insurance is made to fulfill an individual’s long-term goals and it is important that you keep it in force for as long as you live. This type of insurance policy is highly suitable for long-term responsibilities like a surviving spouse’s income needs and post-death expenses.
If you are person who likes to plan and finds comfort in stability, a Whole Life Insurance policy may be right for you. This type of policy will ensure that your payments remain constant and the death benefit you choose when the policy is initiated will be available to your beneficiaries upon your death.
Let the qualified insurance experts at Option Insurance Group help you! If you are interested in learning more, schedule a free consultation with today! Or give us a call at 888-755-3778.
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