Top 10 Reasons Why Whole Life Insurance Policies May Be Right For You



A whole life insurance policy is a type of life insurance policy that will pay a death benefit no matter how old you are when you die. Read on for the top 10 reasons why a whole life insurance may be the best policy for you.

1)You want to leave a death benefit: With a term life policy, you only leave a death benefit if you die during the term of the policy, which ranges from one year to 35 years depending on the policy. With whole life policy, the term is your life. This means that even if you die 50 years after you purchase the policy, you will leave a death benefit to your beneficiaries.

2)Your dependents will always need your income: The death benefit in a life insurance policy is designed to replace your income and to allow your family and dependents to live without your salary. If your dependents will always need your income whether you die in two years or thirty years, a whole life policy may be best.

3)You want forced savings: With a whole life policy, you may more than the premiums that it costs to insure you. With this extra money, your policy builds up a cash value which you can then borrow against or sell. Since you have to pay the premiums to keep your policy active, it is essentially a form of forced savings.

4)You want to invest in life insurance: With the extra money from the premiums you pay, the insurance company makes investments. You then earn a return off of those investments which helps your policy grow. You can also begin drawing income from the policy, thus earning a return on your money that you can tap into.

5)You are looking for a tax-deferred investment: Money invested in your life insurance policy grows tax free until you begin to withdraw it. If you borrow against the policy instead of withdrawing from it, you may be able to access your money without ever taking it out- thus using your money without paying taxes on the growth.


6)You want to save money with certainties not luck: Fixed rate whole life guarantees you a set payment for life and a set rate of return on your money.

7)You don't ever want to lose your life insurance: With a term life policy, when the term ends, you have to renew if you want to keep your life insurance. If you have become ill or too old, you may be unable to renew. This would leave you with no life insurance protection and your beneficiaries would receive no death benefit at all.

8)You don't mind slightly higher premiums: Whole life insurance costs slightly more each month term life insurance, both because of the lifetime protection and because of the investment features of the policy. Thus, if you have no wiggle room in your budget and are stretching to afford insurance, term life might be best because it is more affordable. On the other hand, if you have a bit of extra money, that extra money can go to good use in buying lifetime insurance and the forced savings of a whole life policy.

9)You want maximum peace of mind: With a whole life policy, you will know that you will always have insurance and that your family will never suffer a financial loss or financial ruin upon your death.

10)You want every dollar To work as hard for you as it can: These is no other asset that can give you and your loved ones lifetime protection, forced saving and have the guarantee of growth. This is called the velocity of money.


Call Vincent at 347-661-6234 to find out how Whole Life Insurance can enhance your overall financial world.