Advantages of Whole Life Insurance
The primary advantage of whole life insurance is it's permanent. If you pay your premiums, your coverage does not expire. In addition to the death benefit, your policy also builds a tax-deferred asset called cash value that gives you a tax advantage.
Let's talk about the top advantages of whole life insurance.
Top Advantages of Whole Life Insurance
What You Pay is Guaranteed to Stay the Same
Your monthly premium payments to the insurance company remain the same. The price you pay does NOT increase as you age, and coverage never cancels because of health changes.
Beneficiaries Get a Fixed Benefit
After your death, your beneficiaries receive a fixed amount known as a death benefit. You can choose a benefit amount between $2,000 and $35,000.
The death benefit paid to your heirs is tax-free. In other words, the tax-free money you leave your loved ones can be accessed quickly for funeral expenses.
Whole life insurance includes a cash value account. The funds in your policy grow tax-deferred at a fixed rate and mature at age 121. You can withdraw the accumulated cash value while living for loans, investments, or emergencies.
Whole Life Policies
We offer whole life policies for people between the ages of 50 and 89, with amounts ranging from $2,000 to $35,000.
Whole Life Carriers
Guaranteed issue with no medical exam or health questionnaire. Coverage amounts from $5,000 to $25,000.
If death occurs within the first three years, death benefit includes the return of premium plus 10% interest. Easy to apply and no medical exam.
American Home Life
American whole life plans are "participating." Policyholders participate in the company's profit, and you can earn dividends. Coverage amounts start at $5,000.
Royal Neighbors of America
You can choose a coverage amount between $7,000 and $30,000. The accelerated living benefit rider provides up to 75% of the death benefit amount while you are still alive if you have a qualifying event.