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.
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