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What is Whole Life Insurance?
It is a permanent life policy with an investment component similar to a universal life insurance policy. However, unlike a universal policy the funds are not liquid. This type of policy accrues cash value, and if kept current, it pays out at the end of the policy. The insurance component pays a pre-determined amount when the insured dies, while the investment component accrues cash value that the policyholder can access or borrow against.
One key advantage of a whole life policy is that as long as the premiums are paid and the policy is kept current, the cost of the premium will never increase. Term policies generally have steady premiums for the designated term of the policies, but can then go up drastically in cost depending on changes in health or age.
With whole life insurance, the premium stays the same for the lifetime coverage period, as long as the policy is paid and kept current. Even if you become terminally ill or develop a chronic disease, the cost will never change. It is guaranteed, as long as you pay your premiums.
In short, whole life insurance offers a guaranteed death benefit, fixed premiums, and a way to build up tax deferred savings.
Selecting the right form of life insurance for you and your family starts with expert consultation. Our insurance consultants will review your individual needs, explain the options, and build a policy designed specifically for you. Plus, our relationships with the top carriers means you will get the best coverage at an affordable price. We look forward to serving you!