Thursday, January 29, 2015

What is whole life insurance?

Whole life insurance is permanent insurance that is guaranteed to last for your entire life. Whole life not only provides a death benefit but also builds up cash value that can be available during your lifetime. If you are sick and laid up, you can withdrawal from the built up cash value while the face amount remains unchanged.

 Benefits of whole life insurance:
·         Cash values
·         Great way to accumulate tax deferred funds
·         Easy access to cash
·         May be used to transfer wealth

The several types of whole life policies are:

Whole life 100
·         Preserve or accumulate wealth
·         Fixed premium to age 100

 Life Paid Up at 65
·         Whole life policy with level premiums payable to age 65
·         Ideal for people who want premiums to end during retirement years
·         Higher accumulated cash value at 65 versus 100

 Life Paid up at 95 is same as for 65.

Single Premium Life
With SPL, you can make a 1 time premium payment to secure a paid up policy providing a guaranteed death benefit.

·         Ideal for those in or approaching retirement years
·         Interest credited immediately upon payment of premium 

There are expenses associated with death. If you believe you have yourself covered with the bare minimum of life insurance you may and chances are, will be leaving outstanding expenses for your family to cover out of their own pocket. Now is your opportunity to make sure you have a well-designed and enough money in your financial portfolio to cover all expenses associated with your death and protect your family from having to dip in any saved up money.

Every individual has their own unique situation. Designing a financial plan is as individual as you are. Consulting with a licensed, experienced representative is the first step in planning a financial protection for you and your family. Consultations are free and information is kept confidential. 

An hour of your time will make the difference between financial ruin and financial protection.

Trisha M. Pacenti RN,BSN