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Whole Life Insurance

Life insurance provides the plan holders’ beneficiaries with a lump-sum death benefit payment once they pass away. Whole life insurance provides you with permanent coverage that lasts for the entirety of your lifetime, while term-life insurance only lasts for a set period of time. In order to maintain a whole life policy, you will need to pay monthly premiums for as long as you are alive.

What Is Whole Life Insurance

Whole life insurance policies are long-term contracts that guarantee a death benefit upon the policyholder’s death. They also have a cash-savings component that can be drawn from if needed. As you make premium payments, your insurance policy will grow in value, making it a source of equity that grows over time.

Cash Value Of Whole Life Policies

Whole life insurance policies eventually grow cash value, which can be used to take out loans. If you do decide to take a loan from your policy’s equity, you will have to pay it back before you die. Otherwise, the remainder of the loan will be deducted from your death benefit before it is paid out to your beneficiaries. Fortunately, withdrawals of funds that are within the total value of premiums paid are tax-free.

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Death Benefits

When you die, the payment your family receives is called a death benefit. The death benefit does not need to be included in the beneficiaries gross income, but you can choose to have the payments dispersed over time instead of as a lump sum. This payout is set at the time you sign your contract, although some insurers may allow you to make adjustments as you grow older. The death benefit can also be increased by reinvesting dividend payments into additional death benefits over time. Some people also choose to add riders to their policy, allowing them to access supplemental benefits like accidental death benefits. There are also riders that protect the death benefit from expiring if the insured becomes disabled or terminally ill.

Find Whole Life Coverage

If you need life insurance, it’s time to consider a whole life policy. Rothrock Insurance Solutions can help you find a life insurance plan that fits your specific interests. Call us at 888-828-4060 to get started with a free quote.