WHOLE LIFE INSURANCE
FOREVER LEGACY FINANCIAL
Whole Life Insurance
A whole life insurance policy is much more than a safety net. It's a whole life policy with benefits you can use while you're living that will help make your financial plan even more flexible. Whole life insurance builds cash value over time that you can use for anything. It can come in handy for unexpected expenses, putting your kids through college, expanding your business, upgrading your home, or as additional income in retirement.
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How Whole Life Insurance Works
Every whole life contract is unique to the person insured, taking into account their mortality risk, desired coverage level, and optional features (for example, a cost-of-living adjustment rider).
Whole life insurance has a cash savings component, known as the cash value, which the policy owner can draw on or borrow from.
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Whole life insurance lasts for an insured's lifetime, as opposed to term life insurance, which is for a specific amount of years.
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Withdrawals and outstanding loan balances reduce death benefits.
Most whole life policies feature level premiums, meaning the amount you pay every month won’t change.
The cash value of a whole life policy typically earns a fixed rate of interest.
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Making up for your lost income
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Funding a child’s education
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Paying off household debt
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Paying for your funeral and other related expenses Certain types of life insurance may provide benefits for you and your family while you’re still living. For example, permanent life insurance offers a cash value component, which can be used during your lifetime.
In the event of your passing, life insurance provides money
directly to your beneficiaries. They can use the money for:
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