Looking for Whole Life Insurance?

Whole life insurance, sometimes called straight life or ordinary life, is a life insurance policy that stays in effect for the policyholder’s entire life. The death benefit can help replace the loss of income of the deceased. It can also help with mortgage costs or educational expenses. Over time, the whole life insurance policy builds a cash value that grows tax-deferred. This can be accessed during your lifetime. With whole life policies, you can get coverage for your entire lifetime, but only pay premiums for a set period of time. Because of this, the premiums are usually higher than term life insurance policies.

There are different ways you can pay for whole life insurance. This decision can be made based on your current income. First, you’ll need to find out how much life insurance is enough to cover your family in the event of your death. Use our calculator to find out.

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Benefits of Whole Life Insurance

Insurance for Life

With a term life insurance policy, you are only covered for a certain amount of time and will likely have to purchase another type of life insurance later. Whole life insurance guarantees that you are covered for your entire lifetime.

Your Money is Protected

Whole life insurance has a cash value that is guaranteed to be there, even if the stock market crashes. Mutual funds and other program values are depicted by the market. With whole life insurance, you won’t lose the money you invest.

Your Cash Value Grows

Your cash value will grow based on interest rates driven by the economy. But regardless of whether the economy has tanked, your cash value will still grow every year. If you want stability and guarantees that your money is safe, then a whole life insurance policy may be right for you.

Get Additional Income

Depending on your whole life insurance policy, it can be converted into an annuity, providing you with additional income. This option is not available with all carriers, so if this is something you are interested in, ask your broker to help you find a policy with this option.

Access Your Cash Value

A whole life insurance policy allows you to borrow money from your cash value anytime and pay it back later. There are no penalties for borrowing money, unlike 401(k)s or IRAs.

Dividends are Not Taxable

Dividends are not guaranteed, but many life insurance companies do pay out dividends. The amount of the dividend depends on several things, but mainly how much profit the life insurance company made that year. When the dividends are paid to a policy owner, they are not taxable.

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