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Get the reassurance that your loved ones will have what they need with whole life insurance.
Whole Life Insurance is also referred to as permanent life insurance.
It is a life insurance policy designed to last your entire life and can also build cash value that you can borrow against in some cases. The premiums tend to cost more than a term life insurance plan because of the permanent nature of the insurance but there a many benefits to this type of insurance plan. The whole life Insurance cash value tends to be high but the payments are given a chance to grow in a tax deferred account at a fixed and established rate. Premiums are also fixed and won’t increase over time and the death benefit is certain, regardless of the time frame. This feature helps the policy to function more as an investment vehicle and the death benefit amount usually reflects this. Typically the death benefit in a whole life insurance policy yields a large outcome. Here at RightAway Insurance our experienced brokers can walk you through the advantages of whole life vs term life Insurance as well as advantages of term life in certain scenarios and situations over Whole Life Insurance.
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Providing for Your Family
Risk Factor
Raising a child can be a rewarding life experience, but it is also very expensive. It costs hundreds of thousands of dollars to raise a child to age 18, with college tuition, fees, room, and board resulting in another potentially enormous expense. If you were to die tomorrow, would funds be available to provide for food, clothing, day care, and educational expenses for your child?
Solution
Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there could be enough income to help pay for everything your child might need while growing up.
Mortgage Payments
Risk Factor
After your death, any outstanding debt and financial obligations do not disappear. Your home is probably the costliest and most significant property you own. A mortgage payment is a large burden for a spouse or partner to carry.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home.
Auto Payments
Risk Factor
Many families lease or finance their automobiles these days. If the primary earner in the family were to die, the family could be left with outstanding car payments for years to come.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).
Funeral Costs
Risk Factor
An average funeral can cost tens of thousands of dollars, and that's without unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that stress?
Solution
A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.
Protecting Your Retirement Savings
Risk Factor
Once you retire, you will be living off social security, and if you are lucky to have them, a pension or retirement fund, too. But what if the surviving spouse has been relying on you to fund retirement for the couple? Premature death of an earner can affect sources of retirement benefits such as Social Security.
Solution
Life insurance can help support a surviving spouse during their retirement.
Protecting Your Small Business
Risk Factor
If you passed away, would your business suffer? There are many complications and financial issues that can arise due to the death of a business owner. Many people overlook this predicament.
Solution
A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.
Spousal Support / Income Replacement
Risk Factor
Many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone.
Solution
Life insurance can replace the income you would usually bring in and help support your spouse or adult children, ensuring your loved ones are able to maintain the lifestyle they're accustomed to.
How does whole life Insurance work? Your whole life Insurance rates are determined by your age , medical history, current health, and coverage goals whether you want to accumulate cash value to borrow against for example to fund a business, purchase a home or for emergencies or your principal focus is to just have a death benefit that will allow your loved ones not the be burdened at the time of your passing these factors allow us to work together with you to pick the most appropriate policy. There are several payment options monthly, Quarterly, or Biannually.
What are the other factors in my whole life Insurance policy? A portion of your premium payments are put into an investment account to grow throughout the life of the policy. When the plan ends the accrued cash value will be paid out to a beneficiary of your choosing. If however you name the beneficiary as an irrevocable life Insurance trust you may also Lower the tax liability however you should consult your accountant before assuming any tax benefits.
There are many benefits to having a Whole Life Insurance policy. Your premiums are consistent and will not fluctuate or increase regardless of inflation, market conditions or any other factors unless you want to increase the cash value of your plan. The death benefit is guaranteed to be paid to your beneficiary once the coverage ends as long as you were up to date with your premiums. Your policy builds cash at a constant rate tax free in a secure account you also do not choose a term length as this coverage is designed to last your whole life. You may be Able to access the cash value of your plan before it expires.
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