Advantages of securing a whole life policy.
When shopping for life insurance, you have a wide variety of options in which to choose from based on your individual needs and budget. Two common life insurance policy choices are term life insurance and whole life (or permanent) life insurance. Term insurance is often considered a type of temporary insurance while whole life is designed to cover you for the rest of your life (as long as premiums are paid. Moreover, permanent life insurance offers additional benefits that term life policies don’t. Check out just a few of the advantages of securing permanent coverage.
Protection to last a lifetime.
When a term life policy expires, your coverage ends. The policy will only pay out if the policyholder dies during the determined term length (e.g. 10 years, 30 years). Once it expires, you are older, meaning that you may not able to secure a low and steady rate. A key benefit of permanent life insurance is that it provides you with a lifetime of coverage protection with premiums that won’t increase, doesn’t expire after a specific number of years, and can’t be canceled due to health or illness.
It offers cash value.
Whole life insurance has a cash value component that may accumulate over time and is one of the key benefits of owning a whole life insurance policy. With whole life, it’s possible to borrow against some of the cash value in your policy (up to a certain limit) to fulfill your financial needs. In doing so, though, the outstanding loan may be deducted from your death benefit and will accrue interest.
It is flexible.
With its potential to accumulate cash value over time, you have the option to use this cash for a variety of reasons. You may choose to simply leave it alone with the possibility of increasing your policy’s cash value over time.
Looking for the best coverage to fit your budget and needs? Then contact the team at Donald Weiss Insurance Services. Our professionals are ready to get you the coverage that you need today.