What is Whole Life Insurance?
In contrast to term life insurance, which will only cover you for some time, whole life insurance covers you for the entirety of your life. Though often more costly than a term life insurance policy in premiums, it comes with more benefits and guaranteed protection as a trade-off. Your life insurance premium will never increase past what you first began paying, no matter the market’s fluctuations.
This money is only taxed when you take out a loan from the cash value component, which you can do at any time in your life. When determining a plan, one of the bonuses is that you get to decide how quickly this accumulates cash value and how much you pay in premiums.
Not only does a whole life insurance policy benefit you, but your family can also benefit. If you make your premium payment on time, a guaranteed death benefit will be released upon the time of your death, no matter when you’ve died. This money will be delivered to a beneficiary after your death to assist with bills, funeral expenses, and more.
Types of Whole Life Insurance
The second policy type is custom whole life insurance. A custom policy allows you to adjust the plan to your needs and circumstances. You may be able to shorten the time you pay premiums at the expense of higher premiums. You can also adjust the cash value growth of your policy.
How much does it cost?
From this point on, your premiums and guaranteed death benefits will be set. At no point will they increase beyond the agreed-upon price.
For assitance, turn to Elite Insurance Group
We have years of experience working with life insurance, allowing us to foster relationships with insurance companies. Because of these relationships, Elite Insurance Group promises to provide you with only the best policy for your coverage needs.
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We can explain your options clearly and give you multiple quotes so that you can compare your options. And we’ll only enroll you in a plan if it’s your best option. We are available Mon – Thurs 8:30 am – 5 pm and Fri 8:30 am – 3 pm.