What is Whole Life Insurance?
Looking for an easy and affordable way to protect your loved ones after you pass away? Whole life insurance may be a great option for you.
Whole life insurance is permanent life insurance that provides coverage for the entirety of your life .Unlike term life insurance, which only provides coverage for a specific period of time. Therefore these policies do not expire and can provide a death benefit to your beneficiaries whenever you pass away.
In addition to providing a death benefit, whole life insurance also has a savings component. A portion of your premium payments are invested by the insurance company, and the earnings are tax-deferred. This means that you won’t have to pay taxes on the money that accumulates in your policy until you withdraw it.
Another great feature is that it allows you to borrow against the cash value of your policy . This can be a great way to access funds in an emergency or to help pay for large expenses like a down payment on a house or a child’s college tuition.