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Whole Life Insurance

April 14, 2022

Whole Life Insurance

Whole life insurance, also known as "traditional" life insurance,  offers a death payout for the rest of the insured's life.  Additionally, whole life insurance also contains a savings component in which cash value may accumulate tax-free.  

You can also choose how frequently you want to pay your premiums: annually, semiannually, quarterly, or monthly. 

How It Works

The application process for a whole life insurance policy requires a medical exam. The insurer's actuaries then set four guaranteed values based on your life expectancy estimates:

A guaranteed level premium confirms that the policy will stay in effect as long as you keep paying premiums.

A guaranteed death benefit assures that the amount paid to your beneficiaries will never decrease. 

A guaranteed cash value secures that cash accounts will gradually build over time as part of a whole life insurance policy.

A guaranteed endowment pays the face value to the insured at the end of the contract period if the insured is still alive. 

Whole life insurance can also provide:

Human life value protection - Human life value is the total income an individual is expected to earn until retirement. It represents the economic loss a family would suffer in case of early demise of the earning member.

Safeguarding the family - When a loved one dies, the death benefit of the whole life insurance can help preserve a family's financial stability by providing resources that can be used for making a mortgage payment, funding for education, or taking time away from the job to attend to family obligations.

Business protection - Whole life insurance can be used to fund the purchase of a deceased owner's interests and protect the business from the loss of a key employee's services, experience, and talents.

Estate planning - Whole life policy offers liquidity to pay estate and inheritance taxes, assets to generate income for a surviving spouse and children, estate equalization among heirs, and funding for special needs children.

Because We care 

Looking for life insurance? Look no further, we have your back with our well-crafted policies and with rates and service tough to beat.