What Is Whole Life Insurance?
Whole life lnsurance protects you throughout your lifetime – your policy never expires or renews. That’s why it’s called whole life. Whole life or also called permanent life insurance also has the added benefit of a tax-advantaged savings element.
You receive a death benefit and you build cash surrender value. This type of coverage can serve as one component of your long-term savings strategy.
When Should You Buy Whole Life Insurance?
Think about investing in whole life insurance if you want :
- Whole life coverage with built-in cash savings.
- Uniform premium payments throughout your life – premiums generally never increase unlike term life insurance.
- Long-term coverage for mortgages, funeral costs or other end-of-life expenses.
- To earn dividends from your policy.
Advantages Of Permanent Whole Life Insurance
- Whole life insurance never needs to be renewed.
- Premiums remain consistent – generally there are no increases regardless of changes in your health.
- With some permanent policies, you only pay for a fixed period. Coverage never expires even after your payment commitment ends.
What Permanent Whole Life Insurance Does For You
Permanent life insurance helps you take care of mortgage debt and ensure that your loved ones are looked after in the event of an unforeseen death. Permanent insurance also offers access to the funds of the policy through partial surrenders and loans on the policy.
With premium levels that don’t change, you can account for protection without the rising cost of premiums over your lifetime. Your costs are fixed and known so you can have peace of mind about being insured without increasing costs.
Whole life insurance offers both a death benefit as well as cash value and loan options.
Tips For Purchasing Permanent Whole Life Insurance
- Speak to a professional : There are many options available to you with whole life insurance. Make sure that you understand the term of your policy.
- Ask questions : Don’t assume that you know the definition of terms in your policy. Ask for clarification about terms like disability, death benefit, and beneficiary.
- Understand the different options : It’s easy to get confused. Learn the benefits of permanent life insurance over other types of life insurance. Your financial situation and life circumstances will influence what you invest in.
Why Choose Us For Whole Life Insurance?
With the right life insurance protection, you’ll be assured that you’ve taken care of your loved ones and your responsibilities. Whole life insurance is an important part of a financial plan for your life. It could be the difference between a secure or insecure future for those you leave behind.
Whole life insurance can be confusing and complex type of coverage. Don't worry though, a ThinkInsure advisor can help you.
With ThinkInsure you'll get :
- Unbiased Solutions : We’re licensed life insurance experts. We’ll offer unbiased, professional recommendations and advice based on your needs. We partner with the top companies so we have access to many products and plans.
- Superior Customer Experience : Your ThinkInsure advisor will take care of all your insurance needs and make sure you have the best coverage.
- Value : We put our expertise to work for you. Our brokers all have in-depth knowledge of a wide range of life insurance options so you’ll get the best value for money based on your personal needs.