Whole Life Insurance

A lifetime of protection.

 

For lifetime protection and benefits you can utilize while you’re still living, whole life insurance is a good option. This type of insurance gives you a premium level of strong guarantees and protection with the potential to build cash value accessible via loans. The premium is a set amount for the lifetime of the policy, so it doesn’t fluctuate with the market. As the premium is paid, the cash value increases. You can use the cash value for things like college, starting a new business, buying a house, extra retirement, or whatever you need. You can also earn dividends that can be taken as cash, used to pay premiums, or buy more coverage.

Whole life is one of the most common types of life insurance people buy, because of the guaranteed benefits it returns.

For individuals in their later years in life, looking for a more affordable option, final expense insurance might be a good fit. Final expense insurance, also known as burial or funeral insurance, is a form of whole-life policy that covers costs associated with one’s passing, such as medical bills and funeral expenses. Older individuals often opt for final expense insurance due to its low cost, smaller payout, and focus on covering the costs of funerals.

Benefits you can count on.

Traditional Whole Life

Cash value is one of the most commonly known benefits of whole life insurance. With whole life insurance, a portion of your premium goes into an investment account. The money that accumulates in this account is called cash value. You get to decide how quickly the cash value grows and how much you pay in premiums. It is untaxed until you take out a loan from the account, and you can take out a loan at any point in time.

Aside from the benefits of cash value, whole life guarantees benefits for your beneficiaries. As long as your premium stays current, your family will receive a granted death benefit upon the time of your death. They can use this benefit as they see fit for any expenses.

 

Final Expense Insurance

Earlier in life, typically, traditional life insurance policies are appropriate. Traditional term or whole life covers your expenses and debts if you pass away. But when expenses decrease, such as paying off a mortgage, you typically don’t need as much coverage.

Final expense plans are type of policy popular among seniors because of their affordability, relatively small benefit amounts, and their primary focus on covering funeral expenses. These policies are typically much cheaper than other types of life insurance and offer lower benefits than other types of policies. The primary purpose of final expense life insurance is to help cover the costs associated with a funeral and other end-of-life expenses, such as burial costs, medical bills, and outstanding debts. This policy can provide much-needed financial security for seniors and their families during difficult times.

These plans typically provide whole life insurance that does not expire as long as premiums are paid, cash value, fixed premiums, a simplified issue process (no medical exam is necessary, just health questions on the application), a straightforward application process, and fast approval times – with coverage often issued within days.