Facts you should know
Facts about whole life insurance
- Last your entire life, you can not outlive it...
- ...but you do not have to pay on it your entire life.
- Has a cash value amount that is guaranteed!
- As you get older, the price you pay, the premium, DOES NOT increase, ever!
- If you quit, leave or retire from your job you can keep all of your coverage at the same price and at the same benefit amount.
- In future years, you can take a reduced paid-up policy which means you never have to pay another cent into your life policy but it will stay inforce your entire life. Your representative will discuss the details.
- Need cash? You may borrow from the cash value accumulation in your policy.
- Paying for coverage from your payroll accomplishes a few things: You're purchasing permanent life insurance with guaranteed, cash-value accumulation which acts like a savings account and because it comes directly from your paycheck you will never miss a payment.
- Your policy will be eligible to recieve annual dividends.
- Tax advantages: Generally, death benefits are paid tax free and you have tax-deferred cash value growth.