What Is Whole Life Insurance
Whole life insurance is a type of permanent life insurance that helps protect your loved ones from the burdens of an untimely event. With Whole Life Insurance, the insured person is covered for the duration of their life as long as premiums are paid on time.
This is the most common type of life insurance policy
What Are the Benefits of Whole Life Insurance?
The reason why Whole Life Insurance is the most popular life insurance is because:
- Premiums are fixed amounts and do NOT fluctuate with market conditions
- You may be able to withdraw funds
- Your death benefit is guaranteed as long as there are no missed premium payments
Did You Know Whole Life Insurance Builds Cash Value?
In case of emergencies or should anything go wrong, you may be able to take out a loan against the policy. The policy may be able to allow you to withdraw or take out a loan against the policy, because a portion of each premium payment goes to a “savings account” component of the policy called “cash value.”
Who Should Buy Whole Life Insurance?
With death benefit guarantees and fixed premiums, the stability of having whole life insurance will give policyholders a peace of mind knowing they have predictable coverage over time should anything happen.
With a range of options to fit your needs, talk it over with a local agent. We’ll help you find the right life insurance policy that works best for you and your family here at Wood’s Insurance.