The Basics of Whole Life Insurance
Insurance is a necessity if you want your family to be provided for in the event of your death. A life insurance agent in Oaklyn will often offer both term and whole life insurance policies. This quick guide will help you determine if whole life insurance could be right for you.
About Whole Life Insurance
Whole life insurance is a permanent insurance that offers guaranteed premiums, cash value and death benefits. Policy holders may also be able to receive dividends that increases their policy’s value.
Who Gets It
People typically purchase whole life insurance policies because of the guarantee of being protected for life. Policy holders like the benefit of paying the same amount each year and that they can add money to the policy based on their taxes. Finally, many people choose this type of insurance because it allows the holder to receive cash during a financial emergency.
Whole life insurance guarantees the policy holder’s premium stays the same no matter their age or health. The beneficiaries will receive the face amount of the policy as long as it has been paid on time and the benefactor did not have any policy loans. The cash value is guaranteed to match the policy’s value, but the holder must receive the cash through a loan or withdrawal procedure.
Whole life insurance policies are best for people who are married, have children and who want to be protected in their old age. Always talk to a reputable life insurance agent in Oaklyn before purchasing life insurance.