Whole Life Insurance
WHOLE LIFE INSURANCE
Permanent protection that helps build wealth
Whole life insurance provides unmatched benefits by offering permanent coverage, cash value accumulation, and consistent premiums. It’s a versatile financial tool that grows with you, providing lifelong protection and a reliable source of financial security. Discover the advantages that make whole life insurance a valuable part of your long-term financial strategy.
What Can Whole Life
Do For You?
Lifelong
Coverage
Provides coverage for your entire life, ensuring a death benefit payout no matter when you pass away.
Fixed
Premiums
Premiums remain consistent throughout your life, helping with long-term financial planning.
FAQ
Common Questions About
Whole Life Insurance
? How does whole life work?
Whole life insurance provides coverage for your entire life as long as premiums are paid. It combines a death benefit with a cash value component that grows over time. Premiums remain level throughout the policyholder's lifetime, and part of each premium payment goes towards building the cash value, which grows at a guaranteed rate and may also earn dividends depending on the insurer’s performance.
? What is a cash value?
Cash value is a savings component of a whole life insurance policy that grows over time. It is funded by part of your premium payments and accumulates on a tax-deferred basis. The cash value can be borrowed against or used to pay premiums, and it can also be used to increase the policy’s death benefit or purchase additional insurance.
? What happens to the cash value when I pass away?
Upon your death, the cash value of the policy is typically not paid out separately; instead, the death benefit paid to your beneficiaries includes the cash value. The total death benefit will be the face amount of the policy plus any accumulated cash value, minus any outstanding loans or withdrawals.
? Who can I designate as a beneficiary?
You can designate anyone as a beneficiary, including family members, friends, charities, or organizations. It’s important to ensure that your beneficiary designation aligns with your wishes and update it as needed to reflect changes in your life.
? What happens if I cancel my policy?
If you cancel your whole life insurance policy, you may receive the accumulated cash value minus any outstanding loans or fees. If you cancel in the early years of the policy, the cash value may be relatively low. Additionally, you will lose your death benefit coverage.
? How does the cash value accumulate?
The cash value accumulates based on your premium payments and the guaranteed interest rate provided by the insurance company. Additionally, some policies may pay dividends based on the company’s financial performance, which can enhance the growth of your cash value. The accumulation is tax-deferred, meaning you won't pay taxes on the growth until you withdraw or borrow from it.
Wondering if whole life insurance is right for you?
Whether you’re just starting out on your own or thinking about protecting your family, we’ll help you find a balance between financial protection and financial growth.
