Whole Life Insurance is a life insurance policy that stays in force for your entire life, and requires an annual premium amount.
Whole Life Insurance was created as an alternative for Term Life Insurance. Where Term Life has a set term (ie: 10, 20, 30 years) a Whole Life policy is valid until you reach a specified age (usually 95 or 100).
These policies have slightly higher premiums because you are being guaranteed benefits for a much longer time. As you pay the annual premium your policy will build a "cash value." Interest earned on the policy is included in this cash value, and upon maturity of the contract the cash value would equal the death benefit
Cash Values are considered liquid assets and can be used as investment capital in the even that the insured is healthy and able to continue paying the annual premium.
You can have access to the cash value in your policy tax free up to the amount of premiums you have paid. The rest of your cash value can be accessed as a tax free loan, to be repaid before death, or upon issuance of the death benefit. At the time of death the benefit will be reduced by the amount of any outstanding loans.
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info@burnsideinsurance.com
Affordable Insurance From:
Burnside Insurance Group, LLC
299 So. Main Street, Ste 160
(Wells Fargo Center)
Salt Lake City, UT 84111
Mon - Fri 9:00 - 5:30
Evenings/Weekends by appointment
Contact Brian Burnside today to find what type of life insurance fits your needs. We will review your needs and help you purchase a policy that will protect the people and things most important to you.
We can give you an intial quote with just the information above. You may be surprised at just how affordable our life insurance policies can be.
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