Can We Sell You Some Whole Life (Permanent) Insurance?
In a recent blog, we discussed the benefits and situations when term life insurance may be your best option. Term insurance, after all, is very affordable and can insure your life through its most risky periods. Term insurance, by its very nature, however, is temporary and insures you only through a specific period of time. What if you want more permanent coverage? Can we sell you some Whole Life insurance?
What is Whole Life Insurance?
Whole life is known as permanent insurance because coverage stays in place as long as premiums are kept up to date. You make the payments, coverage stays in place.
Premiums Remain the Same
Permanent insurance is designed so that your life insurance premiums stay the same while they are kept in force. This offers interesting protection against inflation. While inflation may make the face value worth less through the years, the value of the payments also declines. You always have a correlation between policy value and payment.
It Builds Value
Generally, whole life or permanent life insurance policies build a cash value through the years. This increases the longer the policy is in force. This can be a substantial financial asset over time that you can even borrow against at very favorable interest rates. This makes whole life insurance an excellent choice for families who have difficulty saving money, as it serves as a “forced savings” vehicle while providing important life insurance coverage.
It Is Uncontrollable
While term insurance can expire and be difficult or expensive to replace due to age or health reasons, permanent insurance stays in force as long as you continue to make timely premium payments. You can even use the policy value to keep premiums up to date through difficult times. This means even if you become severely ill, you will have the protection of your permanent insurance policy as long as premiums are paid in a timely manner.
So, can we interest you in increasing your life insurance coverage through a permanent life insurance policy? Getting started is as easy as answering a few simple questions and odds are, you won’t even be required to take a medical exam. Contact one of our life insurance specialists today. They will shop our independent network of companies to find permanent life insurance options to fit into your budget. Reach out today for the coverage you need and your family deserves.
