Understanding “whole life insurance”

"Whole life insurance" is the most expensive insurance, but premium never changes. With whole life insurance, your policy remains for the rest of your life rather than for a set period of time, as seen with term life policies. This means that your beneficiaries will be guaranteed a death benefit whenever you pass away. Although premiums tend to be pricier than other life insurance policies, the rate never increases despite getting older or experiencing the onset of a chronic illness. The sooner you get started with a whole life insurance policy, the more affordable your monthly premium will be. There are various types of whole life insurance, so call us today to learn about the benefits of each one!

Ideal for high-wealth individuals who have already maxed out their pension plans, whole life insurance policies offer a living benefit and act as a tax-sheltered account for your cash. Whole life insurance typically has a “cash value” which builds up over the years. Part of your monthly premium goes towards building this cash value, and if you find that you’re ever in need of money, whether for your child’s tuition or taking out a loan, you’re able to borrow the money from your cash value. Whole life insurance policyholders don’t need to pay taxes on their gains, and the money they’re saving up can be used during their retirement; offering an excellent option for people who have already maxed out their 401(k) and Roth IRA accounts.

Need insurance to take care of large estate taxes? If your property cannot be converted into cash with ease, your heirs may have trouble coming up with a payment to cover the taxes owed on your estate. In addition, heirs only have nine months to determine the amount of taxes that are owed and to pay them. If they do not have the cash to do so, they could be forced to borrow money or sell your home or possessions. A whole life insurance policy with a large death benefit can prevent this issue, as it can be cashed in to cover your estate taxes.

We can shop the market to find the best carrier for you. We have dealt with life insurance policies for several years and have the knowledge and expertise to find the best whole life policy for you. We can thoroughly discuss which type of whole life insurance is the best fit for your needs and which carrier to go with. We understand that the future can be uncertain, and we want to ensure that your beneficiaries are financially secure in the event that you pass away.

We can sit together to design the perfect plan. There are many components and specifications when it comes to life insurance. Whether you’re looking for the plan with the most affordable premium or want a high death benefit, we can go over everything you need to know about life insurance and the personal factors that you need to keep in mind prior to making a decision. We will help you determine what type of plan will best suit your needs and help you secure your policy.

Call us at (818) 404-1446 to further discuss the advantages of having whole life insurance.

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