Whole Life Insurance

Whole life insurance falls under the umbrella of permanent life insurance. It presents a variety of benefits to the decedent's beneficiaries including death benefits, a cash value and guaranteed premiums. Unlike most other types of life insurance, whole life insurance provides the insured with the ability to obtain dividends that can boost the policy's value both when the policyholder is alive or when he perishes and the beneficiaries are paid an enlarged death benefit.

A whole life insurance policy is ideal for those who want financial protection for the duration of their lives, those who want unwavering monthly premiums, those who desire the ability to add money to the policy with reduced taxes and those in search of a life insurance policy that provides a cash value while they are still alive.

The Guarantees of Whole Life Insurance

Whole life insurance offers a guaranteed premium that will not change throughout the policyholder's life even if he becomes sick or lives well beyond his retirement years. This provides policyholders with the confidence that they crave but rarely find. Whole life insurance also guarantees the payment of death benefits to beneficiaries. They'll be compensated with the policy's face amount at a bare minimum. The policy's cash value will grow throughout the years and it is guaranteed as well. The earnings are tax deferred until the point that the cash value equals the policy's value. The cash can be accessed when necessary either by withdrawal or by loan.

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