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Whole Life Insurance:
Whole Life has many names, such as Permanent Life or Straight Life.
- A death benefit that is guaranteed to last for your “whole life” and never expire.
- A guaranteed rate of return on cash.
- Builds cash value.
- A guaranteed cost that will not change and is locked in when you purchase.
- Can earn dividends.
- Has tax advantages.
How these policies work:
After so many years of paying in your premiums, your whole life policy will begin to grow cash value. Cash value accumulation is versatile and can be used to purchase a paid-up death benefit, take a loan on (of course there will be interest charges), grow your death benefit, make a withdrawal and reduce your death benefit, grow your nest egg, or surrender the policy and receive the accrued balance. Effectively your cash value is like a savings account that grows at a certain interest rate.
These policies are designed to be investments are meant to build and make you money over time. A whole life policy can yield 5 to 6% growth which some people prefer to the volatility of the market for products such as mutual funds, but not every policy will get that much growth. Traditionally a whole life policy cost more premiums than say its counterpart a Term Life policy.
Safeguard Insurance, LLC
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Insuring your health, life, and retirement.
Phone: 270-904-6070
Email: education@safeguardky.com
1600 Scottsville Rd, Suite 100
Bowling Green, KY 42104
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