Whole life insurance6/2/2023 ![]() There are essentially four parts to whole life and universal life insurance policies. Depending on the type of whole life insurance it can also provide an increasing amount of life insurance and safe returns on the savings portion of the monthly or annual deposits. It provides a guaranteed amount of insurance at a guaranteed price. Business owners also use it for a number of tax saving and wealth preserving strategies. It is also used for paying estate taxes, and tax advantaged charitable giving, estates for children and grandchildren. ![]() Whole life insurance is designed to provide coverage when the insured dies to help with ongoing expenses and provide income for loved ones. Many clients will combine a whole life plan with some term, optimizing the cost of coverage, when you have both a short term 10-30 year need, and a lifetime need. This cash value can be borrowed, or used as collateral for a loan from a lending institution. 20 years being the most popular, and most plans build up a cash value that can never be reduced once allocated to the policy. It offers a premium that will never change for your lifetime, can be paid for over a shortened period, e.g. Whole life insurance is consider by many as the ideal plan when coverage is required for your lifetime. ![]() Whole Life Adds Long Term Value for Your Family
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June 2023
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