2019 Best Quick Whole Life Insurance Quotes
Whole life insurance is an asset that comes with many living benefits that are advantageous for the policy owner while he or she is still alive.
In fact, these living benefits may make the policy far more valuable than just a death benefit.
Whole life insurance is one of the oldest, most stable types of investments on the market.
It’s insulated from the incredible volatility of the financial markets, and it’s a tightly regulated industry – more tightly regulated than Wall Street, in fact – better protecting your money.
Whole Life Insurance as the name suggests, offers protection for your lifetime until your eventual death, whenever it occurs, and therefore premiums are much higher.
But there is a guaranteed payout whenever you die.
With whole life insurance, your family is covered for your entire life and your premium amount will never increase.
The cash value grows tax-deferred and provides the means to cover expenses, help pay for college, provide estate liquidity, and create additional retirement income.
What is Whole Life Insurance
Whole life insurance is a unilateral contract between the insurance company and the policy owner.
In this contract there are guarantees and benefits to the policy holder(s), one of which is guaranteed cash value growth.
Cash value grows tax free.
When the cash value is withdrawn for income or otherwise, it is also tax free until the withdrawals exceed the basis of the policy.
The basis is the amount of premiums that have been paid over time by the policy owner.
At this point the withdrawals are taxed at ordinary income tax rates.
Cash value also grows if the policy owner elects to have his dividends buy paid up additions.
Dividends are declared every year by the Insurance Company.
In the subsequent year they are divided amongst policy owners on the anniversary date of their policy.
The anniversary date is the month and day the policy was originated.
Although dividends are not guaranteed mutual insurance companies have a long track record of paying dividends. Some companies have paid for over 100 years.
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