Whole Life Insurance. Permanent Life Coverage in Kitchener Waterloo
What are Benefits of Whole Life Insurance?
Permanent life insurance for your entire life
Everyone has heard of life insurance, but not everyone knows what whole life insurance is or the benefits that come with it. In short, whole life insurance is a type of permanent life insurance that covers you for your entire life, if you continue to pay your premiums. Here are some of the key benefits of whole life insurance:
- Coverage for Your Entire Life
If you continue to pay your premiums, your whole life policy will remain in force but in the later years you can use the cash value to keep the policy in force. This is unlike term life insurance, which only covers you for a specific time period (usually 10, 20, or 30 years). - Builds Cash Value
Whole Life policies also have a cash value component that builds over time. This cash value can be borrowed against or withdrawn to help cover expenses in retirement or during other financial hardships. - Level Premiums
The premiums you pay for a whole life policy are fixed, which means they will never go up no matter how old you get or how many health problems you have. This predictability can be helpful in budgeting for your future expenses. - Death Benefit
Like all life insurance policies, one of the key benefits of whole life insurance is that it pays out a death benefit to your beneficiaries tax-free in the event of your passing. This death benefit can help cover final expenses, pay off debts, and provide financial security for your loved ones.
Whole life insurance provides coverage for your entire lifetime and has several other advantages like building cash value and having level premiums. If you are looking for a permanent solution to help provide financial security for your loved ones in the event of your passing, whole life insurance may be the right choice for you. Talk to me a life insurance broker today to see if whole life insurance is right for you and your family.
Call Glenn now for your Whole Live Insurance 1-888-256-8685
Frequently Asked Questions
- What is Whole Life Insurance?
- Why Should I Consider Whole Life Insurance?
- Is Whole Life Insurance Right for Me?
- Can Whole Life Insurance Be Expensive?
- Are There Any Advantages to Buying Whole Life Insurance?
- Why Do I Need Whole Life Insurance?
- How Much Does Whole Life Insurance Cost?
- How Long Will My Policy Last?
What is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance policy that gives your beneficiaries a tax-free payment after you die (called a death benefit). While some life insurance plans offer coverage for a specific amount of time, whole life insurance has no time limit because it covers you throughout your life. So, you don’t have to worry about your coverage expiring or renewing your policy.
There are two types of whole life policies: participating and non-participating. Because Whole Life policies have cash value, they are an asset and can be used as collateral to borrow against.
Why Should I Consider Whole Life Insurance?
Your premiums (monthly or annual fees) stay the same. With some insurance plans, your fees and rates may go up over time. But with most whole life plans, your premiums remain the same, regardless of changes to your health.
Your cash value will grow over time. Along with the death benefit, if you use the yearly dividends to buy paid-up additional insurance. All whole life plans also include a savings portion called the “cash value” which will grow over time. You can use it as a loan or even withdraw funds from it. Your cash value can grow on a tax-preferred basis. This means you won’t have to pay tax on any cash value growth unless you start withdrawing funds. (*Please note that withdrawing from your cash value may reduce your policy’s death benefit.)
Is Whole Life Insurance Right for Me?
You need to consider your current financial situation and how much you can afford to spend each month. If you have a lot of debt, it might not be worth buying a Whole Life Insurance Policy. However, if you don’t have any debt and have saved enough money to cover your expenses, then Whole Life Insurance could be a good option for you.
Can Whole Life Insurance Be Expensive?
Yes, Whole Life Insurance can be expensive. But, if you’re willing to commit to making monthly payments for the rest of your life, then you’ll get a discount on the premium price and save money.
Are There Any Advantages to Buying Whole Life Insurance?
There are some advantages to buying Whole Life Insurance. First, you won’t have to worry about getting sick by adding a disability waiver or dying prematurely. Second, you can take advantage of the tax-free growth of your cash value. Third, you can use the cash value of the policy to help pay for college, buy a house, or start a business.
Why Do I Need Whole Life Insurance?
If you have children, then you need Whole Life Insurance to protect your financial future. Your kids may inherit your home if something happens to you, leaving them without a place to live. If they don’t receive enough money to cover the mortgage, they could lose their house. With whole life insurance, your family receives a lump sum payment upon your death, rather than having to sell off assets and make payments over time.
How Much Does Whole Life Insurance Cost?
The price of whole life insurance varies depending on many factors, including how old you are, your health, occupation, and what kind of policy you buy. You can get quotes online to help determine how much whole life insurance costs.
How Long Will My Policy Last?
Your Whole Life Insurance policy lasts for the remainder of your life. Once you die, your beneficiaries will receive a payout based on the terms of your policy. You can stop paying premiums on a whole life policy when you retire and have insurance for the rest of your life.
There are more features to a whole life policy depending on your situation that can be explored by calling me.
Whole Life Insurance available in Kitchener, Waterloo, Guelph, Milton, Mississauga, Toronto, Elora, Elmira, Listowel, Mitchell, Stratford, New Hamburg, Brantford, Hamilton, Burlington, Fergus, Oakville, and Cambridge area.
Call Glenn now for your Whole Live Insurance 1-888-256-8685