What is Whole Life Insurance?
Whole life insurance quotes provide estimates of the premiums on a policy with constant death benefit coverage for the policyholder’s lifetime. Whole life provides both a living death benefit, or cash value, and a death benefit, or the proceeds paid out to beneficiaries. Premiums do not change over the life of the contract. Whole life has the ability to accrue cash value on a tax-deferred basis. This value can be borrowed against or withdrawn to meet financial needs throughout the insured’s lifetime.
Whole life insurance offers you a guaranteed fixed premium for the duration of the policy, a guaranteed death benefit and offers: cash values that can be designed to meet specific needs an ideal vehicle for estate and business insurance planning flexibility when used with buy/sell agreements, key employee plans, executive bonus and split dollar plans a variety of dividend options
It is a popular type of cash value insurance that builds up cash value and continues coverage until age 90 or 100. Whole life insurance provides death protection, as its name suggests, for the whole of life. Typically the policyowner would pay the same premium for as long as the insured should live. Premiums can be several times higher than premiums you would pay initially for the same amount of term life insurance, but they are smaller than the premiums you would eventually pay if you were to keep renewing the term life insurance policy until the insured’s later years. The value of permanent life insurance is that protection is ongoing you never need to worry about the term of your policy ending or make decisions about what to do next, so your familys security is always maintained. Although you pay a higher premium initially for whole life than for term life insurance, whole life policies develop cash values which may be available to the policyowner. Additionally, the policy’s cash va
