Whole Life Insurance (WL) is considered permanent insurance policies that are effective for the entire life of the insured or up to the age of 100. Whole Life Insurance Policies have cash value attached to the policy. WL policies provide living and death benefits.
WL insurance may be used as a cash accumulation mechanism to builds cash value. This is considered LIVING BENEFITS.
Common reasons for accumulating cash:
- Funding a college education
- Saving for retirement
- Purchasing a home
Can I borrow money towards the Cash Value of my WL policy?
Yes, you can borrow against the policy cash value at any time, up to the amount of the cash value. However, the amount of the policy loan plus interest is deducted from the policy’s death benefit if not paid back prior to the insured’s death. Permanent policies have a nonforfeiture value, which means the policyowner is guaranteed and fully entitled to the accumulated cash value. Policyowners may withdraw the cash value in part or in whole. This is the great benefit of a whole life policy.
If you are interesting in obtaining a quote or finding more information about Whole Life Insurance, please complete the form below and we will contact you within 24 hours.