Before Life Knocks You Down, Whole Life Insurance
by Tonya Thomas
It is February, “Love is in the Air” so this blog focuses on Insuring your Love. Why buy life insurance? It is the best and most remembered gift for your loved ones. It cost less than taking your family out to eat at a nice restaurant or the monthly cost for cell phones.
In this article, we are featuring the benefits of Whole Life Insurance. It is like a utility knife, you know the one with all the cool gadgets? Basically, there are 3 features that should be very appealing. First, the premiums are guaranteed to never increase and you can choose a premium you can afford. Secondly, the death benefit is guaranteed and *tax free (can vary by State). Thirdly, it builds cash value or savings. All 3 of these features will be in the subsequent paragraphs.
Let’s talk about guaranteed premiums. This provides an easy way to choose a payment you are comfortable and can afford. This premium will remain the same throughout the life of the policy offering those budget friendly households a great way to stay protected and you will never worry if the payment will change.
What does the guaranteed death benefit mean to you and your loved one? This provides access to cash when it is needed the most, at the time of death. The adage is that you can’t avoid death and taxes but there is way to help with both of those two very things. Your beneficiary will have access to tax-free and possibly *estate tax- free money (can vary by State), ask your licensed professional Agent at Thomas & Associates for more details.
Thirdly, you are building cash value along the way. The Whole Life insurance policy becomes more valuable each year, the longer you have the policy the more funds you will have access to in the event of death. You can borrow against if needed or you can supplement your income when you retire. This is your policy and should provide you security to know that you have so many options.
In addition to the 3 items listed above there are riders and optional terms available, along with many uses itemized below. These should be discussed with your trusted licensed agent at Thomas & Associates to determine what will work for you. It is recommended the policy owner should have coverage 3 to 5 times your annual earnings.
Important Bullet Points:
- Funding and Term Options, such as continuous pay (lower monthly premium), single pay, ten pay and twenty paid up policies
- Loan options and can be used to borrow against the Cash Value
- Protection against taxes, the ability to assign ownership or portion of death benefit to creditors, disability, interest rate risk, cost of health care during retirement
- Supplemental income for retirement
- Accelerated death benefit riders which allows access to cash value for chronic or terminal illness
While this is only a brief synopsis of the Whole Life Insurance product, as you can see referenced above there is so much flexibility and peace of mind. We are here to help you find the protection for you and loved ones, reach out to us TODAY for personal service and FREE quotes with an agency who cares about your financial security.