Benefits of Whole Life Insurance
Besides providing your beneficiaries with money in case of your death, whole life insurance can offer some benefits while you're still alive.
As we mentioned before, whole life insurance can also double as a savings account.
A portion of your premium is directed towards a savings plan, and over time it has a cash value.
If you wait for this cash value to build up and you ever need money in the future, you can withdraw it.
Death Benefits and Fixed Premiums
With whole life insurance, you don't have to worry about the premiums increase as you get older. The premiums will remain the same throughout your life.
The younger you get it, the lower your premiums will be.
Rate of Return
Not only will a portion of the premium go towards a savings account, it will also earn interest and grow over time.
Whole Life Insurance: The Bottom Line
We hope this article has answered the question "What is whole life insurance?"
Remember, this kind of coverage will protect you throughout your life. The premiums won't go up, and you'll receive a cash value.
Are you a single dad or know someone who is? If so, check out this article about the importance of coverage! Be sure to talk to an independent insurance agent about your life insurance needs. Find a local agent here.