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Whole Life Insurance More Than Just Insurance


There are people in the world who turn up their noses at the idea of term life insurance. They balk at the idea of paying out good money every month and, at the end of the term, getting a pat on the back and being congratulated for surviving. They see this type of insurance as a waste of money. But there’s another type of life insurance that will insure you for the rest of your life, and will allow your family to get back everything you’ve invested with the insurance company. It’s because of this guaranteed return on investment that whole life insurance is growing in popularity.

The way a whole life insurance policy works is that the premiums for this policy double as a sort of savings account deposit. When you first start your policy, you can work with your insurance agent to calculate an affordable amount that will still benefit your family, even in the early stages of your insurance. In the event of your death, your beneficiaries will receive the full amount that you have invested in your policy. Premiums are typically higher early on, when you need to save more to provide for younger children. But they can taper off as you get older, when your children are older and less likely to need assistance from you.

Eventually, the contract will reach full maturity and your whole life insurance policy will come to an end; usually at age 95 or 100. At this point, you will be able to receive the full cash value of your policy, along with interest. If you pass away before this point, then your beneficiaries will receive the current cash value of your death benefit, including interest. And this interest is paid out tax-free, since it’s considered an overpayment of the premium.

Getting a whole life insurance policy is a great option for people who want to protect their families, but who also want to have something to show for it if they have kept putting money towards this policy and are able to survive to old age. You don’t want something to have to happen to you just so that your insurance policy doesn’t go to waste. That’s why a whole life policy can offer you the best of both worlds: financial protection for your family in case of the unexpected and solid savings in case your life goes better than you planned.

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