What is Whole life insurance?

Whole Life Is a permanent form of insurance with an interest bearing Investment inside a insurance wrapper that provides dual benefits both to you as a tax deferred cash accumulation vehicle for unexpected needs while living and a guaranteed face amount death benefit for the beneficiary. Whole policies are considered permanent because they payable at the end of the policy holders life.

What are the Benefits of Whole Life over Term

Unlike Term Policies that are for a specific term period such as 20-30 years whole life provides a permanent form of protection that will remain in force for the length of your life as long as you pay your premiums. Whole life premiums are usually higher but are reinvested and accumulate a tax deferred cash value.

• Provides a guaranteed cash value accumulation
• Provides a preset minimum premium guarantee that will not increase
• Provides a lifetime guaranteed premium to age 121 and a  income tax free death benefit for the beneficiary as long as it remains paid up

Benefits of Whole Life Insurance

Death Benefit: The surviving spouse or children beneficiary will receive the proceeds tax free and can provide the following uses at death.

Mortgage Loan Protection: Proceeds from the death benefit can be used to help pay off mortgages and other outstanding debts in the event of a premature death.

Retirement Resource: Whole Life Polices build cash values which can be accessed through policy loans or complete policy surrenders to provide a retirement income, Long Term Care needs or unexpected health concerns. 
 

Final Expenses : small amounts of whole life protect seniors until death providing burial expenses and income resource for surviving spouse amount as little as $5,000 to 250,000 can be purchased  in increments of $1,000 without a medical exam* from ages 0-80 see Non Medical Insurance Whole Life

Estate Preservation: Whole life insurance can provide funds to cover estate expenses and help avoid the need to sell assets and or borrow money to cover these expenses.

Charitable Donation: A whole life insurance policy can enable you to make tax free donation to your favorite qualified charity upon your death such as your church.

Business Purpose: Self employed business owners with a partnership that is dependent on someone knowledge of financial support can provide a resource for business's financial future.

Many Self Employed Small Business Owners Utilize A Buy/Sell Agreement:

The Business will fund the whole life insurance. Proceeds from a buy/sell agreement can be available so that a company will be able to continue to operate if one of its principals dies prematurely.