What is Whole Life Insurance?
Whole life insurance is a type of permanent insurance, which means you have it your entire life unlike term insurance. However, this type of insurance is much more expensive so many families choose the more affordable term, but for some families the benefits outweigh the costs.
Why buy Whole Life insurance?
The benefits;
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Permanent Coverage - Lasts your entire life.
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Cash Value - Accumulates a cash value on a tax-free basis that can be borrowed against.
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Premiums are locked - Premiums cannot increase.
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Guaranteed Death Benefits - The death benefit won't change.
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Dividends - Most insurers pay dividends as the cash value increases.
Strategies for
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Build tax-free wealth
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Create an inheritance that can pay for estate taxes so a business or real estate asset won't need to be sold.
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Guarantee that a special needs child or aging parent will be taken care of.