Whole Life Insurance Plans

Whole life insurance provides a safety net for your family and is available with many options that can help you achieve your financial goals.

Whole life insurance plans build cash value from which you can borrow as the policy grows. They also provide guaranteed cash values for later and some – meaning peace of mind for you and your family. Policy holders should be aware that any unpaid loan amounts will be deducted from the final benefit.

A type of whole life insurance, called survivorship life insurance, provides coverage for couples and generates cash that can be used to pay estate taxes. Benefits are not paid until both spouses die, thus the common reference to this type of policy as “second to die” insurance.

A primary difference between whole life and term life insurance is the cash value associated with whole life policies and that whole life lasts a lifetime. Policy holders should be aware that premature surrender of a whole life insurance policy may mean forfeiture of payments and anticipated benefits.

When choosing whole life insurance it is important to consult your insurance advisor to achieve maximum return on investment.