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Whole Life Insurance

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Whole Life Insurance

Wholelife Insurance Whole Life Insurance policies remain in place throughout the insured’s life and are maintained and kept active through yearly premium payments. Coverage can only be terminated if the premiums are not paid. In addition to a death benefit, whole life policies carry “living benefits” including cash value accumulation and earned dividends. This gives the holder the option to borrow money against the policy value, thus making the policy an equity generating vehicle. The whole life contract guarantees that cash values accumulate in the policy at a guaranteed rate and that only the policy owner – not the insurer – can access these guaranteed cash values. One more thing, cash value accumulations in whole life contracts cannot go down unless the policy owner acts to surrender all or part of them in accordance with the terms of the contract.

Types of whole life policies include:

  • Traditional: These policies offer a set annual premium, minimum cash value, and minimum death value. Most are dividend earning, which can be converted to increased cash and death benefit values.
  • Universal: Such coverage allows for variable yearly premiums and carry a guaranteed premium maximum with minimum guaranteed cash and death benefit. These policies earn interest, not dividends.
  • Variable: These are recommended only for highly financially savvy and tolerant of high risk type of people. The cash value of the policy depends on the investments to which it is linked.

Whole life insurance has been a part of the financial framework of America for over 150 years and is the foundational product for the entire life insurance industry. Whole Life Insurance offers benefits including power, flexibility, and versatility to:

  • Finance major purchases without going to the bank
  • Reduce and eliminate debt to banks, credit cards, charge cards, auto loans, etc.
  • Secure a tax free retirement income they don’t have to work for and can’t outlive
  • Grow tax free savings to handle everyday emergencies
  • Support and improve their balance sheets
  • Create wealth and wisdom to pay forward to those they care most about.

In addition, participating whole life policies pay tax-free dividends, benefits of which can be available in numerous ways including:

    • Cash payouts
    • Left to accumulate at a guaranteed interest rate – the interest is taxable
    • Used to purchase additional death benefit without proving good health…
      1. as term insurance
      2. as additional amounts of paid-up whole life insurance, which in turn accumulate their own guaranteed cash values and pay their own tax free dividends – this is the preferred option

At All Solutions Insurance, we have been offering lower priced whole life insurance combined with outstanding service to protect your loved ones against unanticipated situations since 1994. Our knowledgeable Life Insurance experts communicate with you, understand your unique insurance requirements, customize your policy to ensure optimum protection and then shop from more than 30 reputed insurers to offer the best possible rates so you cave money.

Talk to one of our Life Insurance experts and let us take care of your risks. You can call us at 951-247-2003, or click here to chat with us.