Whole Life Insurance
A whole life insurance policy is a type of permanent life insurance that provides coverage for the duration of your life, as long as the premiums are paid. In this page, we'll explain the basics of whole life insurance and how it can benefit you.
At Creating A Lasting Legacy LLC, we believe in helping our clients secure their financial futures. One of the ways we do this is through our whole life insurance policies. A whole life insurance policy is a type of permanent life insurance that provides coverage for the duration of your life, as long as the premiums are paid. In this page, we'll explain the basics of whole life insurance and how it can benefit you.
What is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance that provides a death benefit, as well as a cash value component. The premiums paid for whole life insurance policies are typically higher than term life insurance policies, but they offer more benefits, such as a guaranteed death benefit and cash value accumulation.
How Does Whole Life Insurance Work?
When you purchase a whole life insurance policy, you'll pay premiums for the duration of your life. A portion of these premiums goes towards the death benefit, while the rest goes towards the cash value component. The cash value component is invested by the insurance company and grows tax-deferred.
Over time, the cash value of your whole life insurance policy can grow significantly, and you can borrow against it or even use it to pay your premiums. Additionally, whole life insurance policies have a guaranteed death benefit, which means that your beneficiaries will receive a payout when you pass away, regardless of the cash value of the policy.
Benefits of Whole Life Insurance
There are several benefits to having a whole life insurance policy, including:
Guaranteed death benefit: As long as you pay your premiums, your beneficiaries will receive a payout when you pass away.
Cash value accumulation: The cash value of your policy can grow over time, providing you with a source of funds that you can borrow against or use to pay premiums.
Tax advantages: The cash value component of your policy grows tax-deferred, which means you won't pay taxes on it until you withdraw it.
Estate planning: Whole life insurance can be used as part of your estate planning strategy to help pass on wealth to future generations.
At Creating A Lasting Legacy LLC, we offer a variety of whole life insurance policies to fit your unique needs and goals. Our experienced advisors can help you determine the right amount of coverage and the best policy for your situation.
If you're interested in learning more about whole life insurance, contact us today. We'll be happy to answer your questions and help you get started on securing your financial future.