Whole Life Insurance
Whole Life Insurance is a permanent life insurance policy that will cover you for a lifetime, as long as premiums are paid. Premiums are locked in for the duration of the policy. Once the policy is approved and in-force it cannot increase due to outside factors such as aging or health problems.
Whole life policies include a cash value benefits. This means that a portion of the premium paid is allowed to be diverted for saving, investing, or borrowing against in the future. Federal income tax law allow for deferred tax advantages for some whole life insurance policies.
Why Whole Life Insurance?
Coverage For Entire Life
Tax Free Death Benefit
Borrow Against Cash Value
Whole Life Insurance policies also offer a cash value benefit. The cash value benefit diverts a portion of premiums paid into a dividend-bearing account that grows with time. This money can also be borrowed against, creating future leverage and options such as paying for college tuition, paying for future premiums, or even withdrawing the cash value amount. Interest rates for money borrowed against cash value accounts can be competitive and paid back over varying periods of time.