“Take a look at Whole Life insurance.  There are many different types, but we’ll just focus on Whole Life in general.  Yes it’s more expensive, but there are many reasons why.”

Term insurance is the most common insurance these days.  It’s great because it’s the least expensive and fairly easy to understand.  If you die during your term, then your beneficiaries will get the full death benefit as long as all premiums were paid.  Simple right?  Well, what if you become deathly ill 5 months before the term ends, only to die a day after the darn thing expires?  Well then, your family could be in trouble.

Take a look at Whole Life insurance.  There are many different types, but we’ll just focus on Whole Life in general.  Yes, it’s more expensive, but there are many reasons why.

• WL premiums are guaranteed to not change over time.  This is not true with term where premiums increase at renewal time.
• WL is permanent.  You will always be insured, again as long as premiums are paid.  You never have to worry about your insurance term ending.  You are insured until you are 120 years old. Anyone of you knows someone who is 120 years old?  Me neither!
• There is a cash value with WL.  With term insurance, you are “renting” insurance.  So, any premiums paid just go to the insurance company.  However with WL, your money actually builds, and you can take it out depending on what type of WL policy you have.  You “own” insurance with WL.  This also means that if you have to cancel the policy, any cash value goes back to you.
• Consistency – With WL you will pay the same premium up until you are 120 years old.  Only you can decide if that changes in the policy.
• Paid-up option –  With most whole life policies you can stop paying the premiums at some point and convert your cash value to a “paid up” policy.  This means you don’t have to pay any more premiums, but your policy will continue to grow to protect your family.
• Whole life has many more options for you.  There are all sorts of WL policies that can follow the market, get invested right into the market, or build based off of other investments.
• Once a WL policy has been issued, it cannot be revoked, canceled, or reduced as long as you pay your premium, and did not create any fraud.

Look, we all need to protect our loved ones!  There are many ways this can be done, and whole life insurance is just one of those ways.  Not everyone can afford a WL policy.  That’s why we have term, final expense, and other options.  However, if you can afford one of these policies, it can be a great investment tool.  Give us a call, and we will show you how to find the right policy for your needs.  480-400-0225