Akron Life Insurance
Akron Whole Life Insurance Quotes
Life insurance offers protection that is vital for families to be able to pay final expenses and debts, as well as securing the financial future of family members of the policy holder.
Although all life insurance policies have a fixed death benefit set when the policy is purchased, whole life offers additional benefits that provide another layer of financial security and remain in effect for the rest of the insured person’s life. Whole life insurance is generally purchased when a person seeks life-long insurance coverage. This is different from term life insurance, which is intended to only provide coverage for a fixed period of time. What Is Whole Life Insurance? Although whole life has more expensive premiums up front, the premiums do not change as the policy holder grows older, whereas other types of life insurance increase their premium costs as age increases. Whole life policies build cash value and may even earn dividends while remaining tax-deferred or tax free. If a policy is cancelled early, the cash value is returned, and if the policy remains in effect until death, the death benefit will be paid at face value regardless of age. |
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Benefits of Whole Life Insurance
A whole life policy is permanent insurance. Rates do not change and the death benefit is guaranteed regardless of the policy holder’s age or health. While there may be a medical exam required to initially obtain insurance, as long as premiums continue to be paid, the death benefit will remain in effect for the rest of the person’s life.
Whole life policies build cash value over time that can be borrowed against and repaid with interest. This provides the policy holder with an easy to acquire loan should they need additional funds at a given time, as long as the amount is within the cash value they have accumulated with their policy. Cash value that is borrowed and not repaid is subtracted from the death benefit, but if it is repaid, the death benefit is paid out at face value.
Dividends are another benefit that provide a financial perk; money from investment earnings are provided in either cash or as money that can be applied to the policy for premium payments or as an option to purchase additional insurance. Dividends are not guaranteed since they depend on investments. However, if dividends are earned, they can be paid out tax-free and remain separate from the both the face and cash value of the policy.
A whole life policy is permanent insurance. Rates do not change and the death benefit is guaranteed regardless of the policy holder’s age or health. While there may be a medical exam required to initially obtain insurance, as long as premiums continue to be paid, the death benefit will remain in effect for the rest of the person’s life.
Whole life policies build cash value over time that can be borrowed against and repaid with interest. This provides the policy holder with an easy to acquire loan should they need additional funds at a given time, as long as the amount is within the cash value they have accumulated with their policy. Cash value that is borrowed and not repaid is subtracted from the death benefit, but if it is repaid, the death benefit is paid out at face value.
Dividends are another benefit that provide a financial perk; money from investment earnings are provided in either cash or as money that can be applied to the policy for premium payments or as an option to purchase additional insurance. Dividends are not guaranteed since they depend on investments. However, if dividends are earned, they can be paid out tax-free and remain separate from the both the face and cash value of the policy.
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Whole life policies provide a consistent premium and offer additional benefits beyond a payout upon death. Cash value can aid a person or family with access to money in the form of a loan should they need it, as well as the potential to earn dividends that do not need to be repaid.
The death benefit is available throughout the life of the policy, providing peace of mind that should the person insured pass away, their family will be financially secure.
Whole life policies provide a consistent premium and offer additional benefits beyond a payout upon death. Cash value can aid a person or family with access to money in the form of a loan should they need it, as well as the potential to earn dividends that do not need to be repaid.
The death benefit is available throughout the life of the policy, providing peace of mind that should the person insured pass away, their family will be financially secure.