Whole Life Insurance
There is no substitute for the love and support you offer to your family. But, there’s the comfort in knowing you can secure their future with Whole Life Insurance. If you are looking for a life-long coverage with built-in savings and the comfort of fixed premiums, whole life insurance might be the right option for you. Whole life policies cover all permanent insurance needs, including funeral expenses, debts, estate settlement costs and other financial needs. Solid and easy to use, whole life insurance is one of the most popular permanent policies on the market.
How Whole Life Insurance Works
Under a whole life plan, the premium and death benefit established at your policy’s start remains fixed throughout the policy’s life. You pay a fixed premium guaranteed to remain the same from the beginning of the contract until a claim is made. Over time, whole life policies build cash value, allowing your savings to grow in a tax deferred environment. These funds can be reinvested, saved, put to use as premiums or withdrawn – it’s your choice. There are two types of whole life insurance:
- Participating Whole Life Insurance : This plan allows you to invest in your life insurance to increase benefits, get a higher cash value or reduce costs;
- Non-Participating Whole Life Insurance : This plan is fixed and, once the premiums, cash values and death benefits are determined, no other change can be made
Why You Should Consider Whole Life Insurance
One of the major benefits of Whole Life Insurance is that it guarantees minimum death benefits for as long as you live, provided that premiums are paid regularly.
Another chief appeal of this type of insurance plan is consistency. You pay the same premium from day one until a claim is made. The cash value portion will always be intact and the death benefit will never decrease – provided that you don’t access them during your lifetime.
The fixed plan eliminates the temptation to skip premium payments, which could lead to future financial problems.
These are just a few of the reasons why you should consider Whole Life Insurance:
- Fixed premiums guaranteed to remain the same over the lifetime of the policy;
- Minimum cash value that increases each year in a tax-deferred environment;
- Case value can be used to cover insurance premiums, saved or reinvested;
- Cash value can be accessed during lifetime – no question asked;
- Eligible to earn dividends (not guaranteed);
Is Whole Life Insurance Right for You?
Whole life insurance is a great option for long-term responsibilities and life-long protection. But, since buying a permanent life policy with an investment option is a complex financial decision, it is recommended that you speak with an insurance expert about your unique needs and situation.
HTD Financial Solutions is here for you. Our team of insurance professionals will work directly with you to design a plan that suits your needs and meets your budget.