For most people who know even a little about life insurance, most will agree that it seems like whole life insurance has been around forever. Whole life is the most common type of life insurance and includes the benefits and guarantees that large portions of the insurance marketplace looks for and depend on. Most of our clients use whole life insurance for funding their Infinite Banking Plan. This is where one will use a whole life insurance policy for financing their lifestyle. Funded properly, you can build enough cash value in your whole life policy to purchase vehicles, college tuition, homes and retirement. Because whole life insurance is guaranteed to last for a lifetime while at the...
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It is no secret that savers are having a difficult time knowing how and where to hold their cash in this low interest rate environment. Storing money in traditionally “safe” places no longer makes sense and has pushed some into more risky alternatives — such as fixed income securities like bonds and, in some cases even the stock market — in search of yield. However, while fixed income securities may offer a potentially higher yield than deposit accounts, they are not a “safe” alternative for storing cash since there is potential risk of losing principal due to longevity and interest rate risk. So the question is, what do you do when traditional methods for storing money are no longer...
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Top Whole Life Insurance The top whole life insurance questions usually revolve around the length of the policy. A whole life policy is a permanent policy that is designed to cover the policyholder for his or her whole life. As long as the premiums are paid as scheduled, a whole life plan remains in effect until it matures. A mature policy is defined as one for which the death benefit has been paid to the beneficiary or one that has been surrendered. Like all permanent insurance policies, whole life policies include a cash-building investment account. Some of the premium, whether paid each month, quarter or year, is applied to the cost of providing the insurance. The balance is credited to...
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Whole Life Insurance Rates: What’s the Cost of Waiting to Buy? You are never going to pay less for whole life insurance than the amount you will pay this year. Whole life insurance rates become dramatically more expensive (actual dollar cost and the cost of lost opportunity) but all of this will become much more clear in the next few paragraphs. You really don't need an advanced education or professional background in insurance to understand this. The reason the cost you pay for life insurance will increase each you comes from two places. First there's the fact that you are getting older, which also means the probability that you are going to die is inching up year over year. Second...
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Whole life insurance, or permanent life insurance, is a policy that can be affected by age along with a number of other factors. It is also a contract between you and your insurance provider. To maintain this policy, you agree to pay a monthly premium in exchange for a payout to your listed beneficiaries in the event of your passing. As long as you pay your premiums on time, you guarantee some financial security for your family. The amount you pay in monthly premiums can vary by person and insurance provider, and it’s important to work with an insurance agency that can shop around and quote whole life insurance rates by age. There are several factors that affect your premium rate, including...
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Benefits of Buying Whole Life Insurance Whole Life Cover - The policy covers you for 99 years. This protects your family for an extended period of time. Many people have financial dependents even in their old age, and such a policy can take care of their financial dependents Level Premium - Your premiums remain fixed for the entire term of the policy, allowing you to benefit from an amount that will become lighter on your wallet over time. You also have certainty about the premium amount and hence can plan your expenditure accordingly - The insurance premiums are tax deductible up to ₹ 1.5 lakh under Section 80C and the maturity amount is exempt from tax under Section 10(10)(D)....
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If you’re the kind of person who likes predictability over time, Whole Life insurance might be right for you. It provides you with the certainty of a guaranteed amount of death benefit and a guaranteed rate of return on your cash values. And you’ll have a level premium that is guaranteed to never increase for life. Another valuable benefit of a participating Whole Life policy is the opportunity to earn dividends. While your policy’s guarantees provide you with a minimum death benefit and cash value, dividends give you the opportunity to receive an enhanced death benefit and cash value growth. Dividends are a way for the company to share part of its favorable results with policyholders. When...
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Things You Should Know About Your Whole Life Insurance Benefits Whole life insurance benefits is what you may be looking for if you want to purchase life insurance and never have to worry about increasing premiums. Deciding which plan is best for you is one of the biggest decisions that you’ll ever make. It’s important that you compare each kind of plan and look at the advantages and disadvantages of each of them. Whole life insurance is a different coverage type than term life insurance, and has many built-in guarantees which you may find valuable. We have many options and different types of coverage to inform you of. Did you know you could buy life insurance while pregnant or life...
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A Look at Whole Life Insurance Whole life insurance remains in force for your whole life, as long as you remain current with your premiums. In exchange for fixed premiums, the insurance company promises to pay a set benefit when the policyholder dies. Whole life insurance policies build up cash value — effectively a cash reserve that pays a modest rate of return. This growth is tax deferred. Guarantees are based on the claims-paying ability of the issuing company. Most whole life insurance policies will let policyholders borrow a portion of their policy’s cash value under fairly favorable terms. And interest payments on policy loans go directly back into the policy’s cash...
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Protect What Matters Most! Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it! Types of Life Insurance: Term Insurance, the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "term")...
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