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What is Whole Life Insurance
Whole Life Insurance protects you throughout your lifetime – your policy never expires or renews. That’s why it’s called whole life. Whole life also has the added benefit of a tax-advantaged savings element.
You receive a death benefit and you build cash surrender value. This coverage can serve as one component of your long-term savings strategy.
When should you buy Whole Life Insurance
Think about investing in permanent/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 life policy
Advantage of 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 Whole Life Insurance does for you
Whole life insurance provides financial security for you and your family at a cost that you can afford. Whole life insurance can :
Provide an immediate infusion of cash for an estate
Pay final expenses such as funeral or unpaid taxes
Provide an income for your loved ones
Pay off your outstanding debts – mortgages, business loans and taxes
Ensure a comfortable living standard for those you leave behind
Your decision should be made with the help of someone who really understands the product.