What Is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance that will cover you for your entire life as long as you continue to pay your premiums on time. This differs from term life insurance, which will only cover you for a set amount of time – typically between 10 and 30 years.
When you pass away, your whole life insurance policy will provide the beneficiaries you appoint with a death benefit that comes in the form of a lump sum payout. Your whole life insurance may also have a withdrawal clause allowing you to cancel coverage and receive a cash surrender value.
Cash Value
Your whole life insurance policy builds a cash value that can serve as a source of emergency funds should something go wrong while you are still alive, and you need money quickly. It may also be possible to take out a loan against the policy because a portion of each premium payment goes into a savings component known as the cash value.
Keep in mind that if you take a lump sum out while you are still alive, it will reduce the amount of your death payout to your beneficiary.
The Benefits Of Whole Life Insurance
Here is a look at some of the benefits of acquiring a whole life insurance policy from Burton & Company.
Consistent Premium Payments
Your premiums are fixed with a whole life insurance policy and will not go up, regardless of the market conditions. Although it is typically more expensive than a term life policy, you get the predictability of knowing that your premium amount will never change.
Tax-Free Death Benefit
As long as you continue to make your premium payments, your death benefit is guaranteed. This means your loved ones know how much to expect when the benefit is paid out. In addition, your beneficiary will not have to pay any taxes on your policy’s payout.
Steady Cash Value Growth
Your whole life insurance policy will receive a fixed rate of interest on its cash value, and you may be able to take out a loan or withdraw funds if needed.
Tailored Policies
We can tailor your whole life insurance policy with a range of optional add-ons to ensure you get the precise coverage you want.
Reach Out To Burton & Company
Protect your loved ones from financial hardship with a whole life insurance policy that fits your lifestyle and budget from Burton & Company. Get in touch with our friendly agents today by calling (888) 652-1325 or requesting a quote online to receive a no-obligation quote and find out how easy it is to secure your loved ones’ financial future.
