WHOLE LIFE/PERMANENT

Whole life insurance provides coverage for as long as you live.

Think of a whole life insurance policy as providing permanent protection, like home ownership. Home ownership provides security and the opportunity for accumulation of wealth. Renting, which is comparable to term life insurance, may be cheaper initially, but there is no equity or opportunity for "growing" your estate.

Whole life insurance policies are more expensive initially, although part of your premium is placed in a savings component called cash value, which builds over time. Sometimes this cash value can be used to offset the premium. Any earnings that are gained are not taxed while the policy is in effect.

Generally, the annual premiums (payments) for a whole life policy remain the same throughout the life of the insured individual.

Probate expenses and delays can be avoided in settling an insurance estate when the policy is payable to a named beneficiary. It is also important to note that life insurance proceeds are generally income tax-free and, depending upon the state you live, favorably treated in terms of inheritance tax.

To learn more about where life insurance might fit into your financial picture, contact us to set up an appointment.