Whole life insurance can help to keep you and your family financially secure. If you’re looking to protect your loved ones and build a savings plan for their future, then a whole life policy may be right for you. This type of policy has a number of benefits as a life insurance solution, and can be used as a savings and investment tool in addition to providing death benefits to your beneficiaries.
When you work with an independent agent like Hartzell Insurance you will get the unbiased help you need to make an informed decision. At Hartzell Insurance we can research many life insurance companies and help you decide what is right for you.
Features of Whole Life Insurance
- Guaranteed interest rate: A guaranteed rate of return for your cash value accumulation that does not change.
- Guaranteed insurance premium: Your premium amount, which you pay monthly or annually to keep the policy in force, is guaranteed to remain the same during the life of the policy.
- Guaranteed death benefit: The face value death benefit amount you choose is guaranteed.
- Cash value accumulation: The tax-deferred cash value which you build in the cash value accumulation portion of the policy is guaranteed.
What Can I Do with the Cash Value?
The cash value that accumulates in a whole life insurance policy provides you with several choices, which include:
- Allowing the cash value to continue to accumulate until your passing, and bequeathing it to one or more beneficiaries if you do not need it for retirement expenses.
- Withdrawing a portion of the cash value to use as you wish during your retirement years.
- Borrowing the cash value accumulation, and potentially repaying it later with interest.
Because of the different options available, a whole life insurance policy can be an excellent tool for structuring your finances in retirement, as well as planning your legacy.
How to Find the Best Whole Life Insurance Quotes
Whole life insurance rates vary quite a bit from one insurance company to another. Each company uses different algorithms to determine premiums based an individual’s age, health risks, and other factors. For this reason, it is important to let Hartzell Insurance compare rates from several different insurance providers so that you can make an informed choice
Whole Life Insurance Premium Options
Some life insurance companies offer options for payment of your whole life insurance premiums. These options include:
- Level premium: A regular monthly or annual premium which you pay your entire life.
- Single premium: A single premium is a one-time lump sum payment.
- Limited premium: A premium you only pay for a specific period of time.