Whole Life Insurance
Life is uncertain and in the untimely event of someone passing away, their family might face a financial crisis in his or her absence. A Whole Life Insurance plan can resolve this problem, and even in the event of a mishap, you can rest in peace that your loved one will go through any such condition. For whole life insurance services, get in touch. We serve customers and the surrounding areas.
A few reasons on why you should get whole life insurance
The question should not be why you should but why you shouldn’t. Whole life insurance gives you complete peace of mind. As we all know, good or bad, life is full of surprises, and sometimes the worst things happen when you least expect them. At least, with us you can plan ahead, so your loved ones have a financially stable life even when you are not there. Read on to for more reasons on why you should get a Whole Life Insurance plan
- It provides an insurance cover for your whole life and to your beneficiaries when you pass away
- When you retire from your daily work, you will get a steady flow of cash from the savings that you have built up over time and have a tax-free retirement income flow
- Insurance policies have significant tax benefits and you can save a good amount of cash if you have invested in the same
It’s always better to plan ahead
You may never know when death comes or you, but when it does, you should have complete peace of mind knowing that you have done your bit so your loved ones don’t suffer when you are not there anymore. That’s why it is important to choose a whole life insurance plan where your beneficiaries will be paid the amount no matter when you die.
There are two types of life insurance that you can choose between. One is the non-participating one where there is a guaranteed cash value involved and the other is the ‘participating’ option where the cash involved is variable depending on the depending on your premiums and dividends. The dividends involve are paid on the basis of interest rates depending on the insurance company’s profitability.
A few things you should know
- Whole life insurance policy can be canceled or revoked if you stop paying the premiums in which case, you can receive the cash value.
- Your health condition at the time of your purchase determines the premium amount that you will pay the entire period.
- The cash value withdrawn from the insurance is non-taxable
- The fixed premium that you would be paying might be high when compared with Term Life Insurance, but on monthly payments, it is less.
- The cash value that you get against the insurance can be borrowed as collateral for a third party loan.