If you’re looking for a lifetime of protection and peace of mind, whole life insurance may be the ideal choice for you. As the name suggests, it is insurance for your whole life as long as the premiums are paid on time.
Whole life insurance may help you build cash value that you might be able to borrow against. Another advantage of whole life insurance is that it might be a participating product. Participating whole life insurance may be eligible for dividends, if the insurer’s expenses are lower or its earnings are higher than it assumed when it set the premiums. Dividends can be used to purchase additional coverage or reduce premiums. Dividends are not guaranteed.
Whole life insurance offers stability and long-term financial protection designed to cover your permanent insurance needs such as:
- Estate planning
- Funeral or other final expenses
- Income for your surviving spouse
- Financial legacy for your children
In addition to permanent protection, whole life products offer the added benefit of accumulating cash value. Cash value is the amount of money paid to the policy holder if the policy is terminated. As long as you pay your premiums and your policy stays in force, the cash value accumulates year after year. It’s a real asset with real value that can help protect you and your family.
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