Why Choose Whole Life Insurance?
Whole life insurance is a permanent life insurance policy that provides death benefits for as long as you live (or until age 100) as long as the premiums are paid. Once age 100 is obtained, a whole life policy will payout the face amount to the policy holder.
Key Characteristics of Whole Life Insurance
- Level Premium: The premium for a whole life policy is based on the issue age; therefore, it remains the same through the life of the policy.
- Death Benefit: The death benefit is guaranteed and also remains level for life.
- Cash Value: The cash value, created by the accumulation of premium, is scheduled to equal the face amount of the policy when the insured reaches age 100 (the policy maturity date), and is paid out to the policy owner. Cash values are credited to the policy on a regular basis and have a guaranteed interest rate.
- Living Benefits: The policy owner can borrow against the cash value while the policy is in effect, or can receive cash value when the policy is surrendered. This cash value, also called non-forfeiture value, can provide an additional source of funds when needed most.
While there are several forms of whole life insurance, there is a policy for you that will provide a lifetime of needed protection. Call our office today, and find the policy that works for you!