Whole Life Insurance provides permanent protection from the date you purchase your policy to the date of the insured’s death, provided that the policy premiums are paid to date. Premiums are set at the time of the policy issue, and they remain level for the policy life.
Whole Life Insurance combines insurance protection, savings, or cash value, which builds over time. This may provide living benefits for loved ones or beneficiaries that help pay off a mortgage, fund a child’s education, or a cash surrender value, if the policy is ever cancelled.
What kinds of expenses can a Whole Life insurance policy cover?
1. Your Income. Daily needs like utilities, food, medical care, and car loan payments.
2. A mortgage. Who would pay your home’s mortgage without your paycheck? To lose a house in the midst of dealing with a loved one’s death is an emotional disaster.
3. Student Loans. Many private lending institutions will not forgive debt in the form of education loans in the event of the death of a parent who may be a co-signor on the loan. In fact, it could also trigger repayment obligations for the loan.
4. A business. If you own or are partners in a business when you die, it is advantageous to have funding in place for the surviving partner to buy the deceased partner’s interest in the business. Finding the right person may take time and resources the business may not have without life insurance.
5. A retirement. Experts agree there should be a minimum of 10 times your annual pay in order to retire at age 65.
6. Final/Funeral expenses. With funeral expenses increasing every year, the average price of a funeral now exceeds more than $8,000. Without enough funds you may be forced to cut back on the service or ask friends and family for donations. A specific Final Expenses Life Insurance policy can cover these as well.
Life insurance needs vary from person to person. If you’re interested in learning which one is right for you, contact Gregg Suggs Insurance. We can tell you why life insurance might be a good option for you and help you find the right protection at the right price.
Not sure if Whole Life Insurance is for you? Learn more about these other types of Life Insurance policies: