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"What is Whole Life Insurance?"
We can help with all your insurance needs including WHOLE LIFE INSURANCE. We have access to all the top rated companies, and their best policies. Whole life insurance may be the best choice for you, it is one of the oldest products in the insurance business. It has many features and provides tremendous benefit for you as an owner, and of course if helps your beneficiaries too.
Whole life insurance is a permanent product, and one policy will last for your entire life; just pay the premium on time. This monthly cost is fixed and will remain the same for the life of the contract. The earlier and the healthier you are the better it is, as it will lock you into the lowest possible monthly premium.
Whole life insurance builds cash value along with having a permanent death benefit. The cash value accumulates over time and is a great fund to use for emergencies and opportunities. Many people will use the cash value like a bank and finance cars, children's education, invest in businesses.
The cash value accumulates with a guaranteed interest rate and with non-guaranteed dividends. The dividend will be declared by the company at the end of the year and it can vary from year to year.
The cash value grows tax deferred and can be accessed tax free through policy loans. It can be a great idea to put more money in above the premium and that will expedite the growth of the cash value and buy paid up additions.
Another great aspect of whole life insurance is if the dividend gets big enough you can use it to pay the premiums for you. How long this takes, just depends on the dividend that the company pays. This is often referred to as paid up insurance. While this is more expensive than term initially, it will remain level when level term goes through the ceiling.
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