Whole Life Insurance
Whole Life Insurance
Whole life insurance, like term insurance, will pay your beneficiaries a specific amount of money upon your death. The primary difference between term and whole life is that term insurance provides coverage for a set period, while whole life insurance pays its benefit as long as premiums have been paid.
- Permanent coverage
- Provides a guaranteed death benefit
- Can provide lifetime coverage
- Has the potential to build cash value
- Features a tax-advantaged death benefit
- Includes the ability to access money in your policy
- Offers riders to customize your policy
- Can be used for supplemental retirement planning
- Can be used for estate planning to help offset estate taxes
- Can be sheltered in an irrevocable life insurance trust
Benefits of Whole Life Insurance
Once whole life coverage has been issued, it cannot be revoked, reduced or cancelled except in cases of non-payment or fraud. This makes whole life insurance appealing because it provides a degree of certainty.
Whole Life Insurance provides for a level premium and a cash value table included in the policy guaranteed by the company.
The main advantages of Whole Life Insurance are:
- Guaranteed death benefits,
- Guaranteed cash values,
- Fixed and known annual premiums, and
- Mortality and expense charges will not reduce the cash value shown in the policy.
The disadvantages of Whole Life Insurance are:
- Premium inflexibility, and
- The internal rate of return in the policy may not be competitive with other savings alternatives.
The death benefit can be increased through the use of policy dividends. Dividends are not guaranteed and may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short-term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy.
Four reasons to call Legacy Quote about your Whole Life insurance policy.
- Your policy is expiring.
- You want to upgrade your policy to provide better coverage to your family.
- You want or need to save money or cut back on your expenses.
- You're not sure if a Whole Life insurance policy is still the best type of policy for your current financial plan.
Insurance Quotes for Whole Life
If you want the most competitive insurance quotes on Whole Life insurance policies, Legacy Quote has access to the leading and most competitive Whole Life policies available. Call us so we can prepare the most competitive quotes available.