Whole life insurance is the most common type of life insurance policy purchased by US residents, according to the Insurance Information Institute (III).
What is Whole Life Insurance?
Whole life insurance covers the insured person for the duration of his or her life as long as premiums are paid. Permanent life insurance is different than term life insurance, which covers the insured person for a set amount of time (usually between 10 and 30 years). Like most permanent life insurance policies, whole life also offers a savings component called “cash value.”
Whole life insurance provides permanent protection for your family with premiums that never increase. Better still, a whole life policy builds cash value that you can use while you are living to reach your financial goals. Contact Jon Nolan Insurance in Coppell, Texas, to speak with one of our local agents about whole life insurance.
Benefits of Whole Life Insurance
We all want to know that our loved ones are protected and will not suffer financial devastation should an unexpected death occur. Whole life insurance offers protection for both the future and the present. Benefits of this type of life insurance include death benefits, cash value, and dividend opportunities.
Whole life insurance can be an appealing choice. Benefits include:
- Premiums are fixed and will never increase.
- You may be able to withdraw funds or take out a loan.
- Your death benefit is guaranteed as long as you make the required payments.
With whole life insurance, your premiums will never increase, your coverage won’t change, and protection for your family is guaranteed to last a lifetime.
A whole life insurance policy accumulates cash value, guaranteed to increase over time. If you need money for college tuition, an emergency, or to supplement retirement income, you have access to funds you can borrow from your whole life policy.
Whole life policyholders are eligible to receive dividends, which can be used to increase insurance protection and cash value. Although they are not guaranteed, some insurance companies consistently pay dividends to participating policyholders.
Who Should Consider Whole Life Insurance?
A whole life insurance policy might be a fit for someone who likes predictability over time. This is because whole life insurance offers death benefit guarantees and fixed premiums.
If you’re considering a whole life insurance policy, contact Jon Nolan Insurance today without further ado. We can help you review the different options before you make any decisions. With us, you can be confident you’ve chosen the life insurance policy that works best for you and your family.
Cost of Whole Life Insurance
Average rates are typically higher on whole life than on term life insurance policies because whole life policies have cash value buildup. Factors that impact the cost of whole life insurance rates include age, gender, health, occupation, and location. Jon Nolan Insurance can help you find a whole life policy that provides the most benefits for the best available rates.