What Is Whole Life Insurance?
Paul Edwards
Financial Services Professional helping individuals with Life insurance, Annuities and Long-term care. I help individuals to protect themselves, their families, their business and create, build, and preserve wealth
Whole Life policy is permanent, guaranteed life insurance coverage. As long as you pay the premiums, your policy will provide you with the security of guaranteed death benefits, and accumulation via cash value.
Imagine what would happen to your family if the income you provide suddenly disappeared. With whole life insurance, you can help make sure that your loved ones have the money they need to help: ? Pay the mortgage ? Afford child care, health care, or other services ? Cover tuition or other college expenses ? Eliminate household debt ? Preserve a family business
They are typically the best option if you are looking for life-long protection, or an option to accumulate a tax-deferred cash value. A portion of the premium of a permanent policy is used to build up a cash value. The cash value can be used in several different ways, including allowing you to take out a loan against the cash value, or paying your premium after your policy is fully paid up.