Whole Life Insurance

Go Far Your Whole Life

A few key things to note about Whole Life insurance right off the bat are that this insurance provides death benefits for the life of the policyholder. The Whole Life policy is a traditional type of Permanent Life insurance. This means that this policy is permanent coverage. Furthermore, in addition to paying out by way of death benefits, you can also accumulate savings with a cash value.

Whole Life is under the umbrella of Permanent Life insurance as it is meant to last your whole life. This is different from a Term Life policy, where the policy will only last a set number of years. Another difference between these two policy types is that Term Life will not accumulate savings, where Whole life does. This build-up of savings can be used for various things such as investing!

Our team at Best Life Insurance can help you tailor a policy that best fits you. Call us today to schedule an appointment, and we can meet face-to-face to get a better understanding of your situation. Our goal is to ensure that you have peace of mind if something were to happen. Yet, you should still be able to enjoy your freedom and the time you have now.

When you have Whole Life coverage, you pay and maintain premium payments. Then your beneficiaries will be guaranteed to receive your death benefits. However, one of the most important aspects to discuss when sitting down with us is the cash build-up.

Whole Life insurance will build up a saving component along with your death benefits. The policyholder can access the cash savings while they are still alive. Whether they need to withdraw it, borrow against it, or invest it into the future of your family. When it comes to withdrawing, you can pull the total value of your paid premiums tax-free!

The cash will amass based on the rate predetermined by the insurance company when you sign for the policy. You should also keep in mind that the cash builds up at varying rates depending on the premium of the Whole Life policy and the company you pick. When you sit down with our team, we can help you calculate and plan how your cash will accumulate. It’s important that you start early as the rates will decrease as you get older.

When you withdraw money from the policy, you will be reducing the cash value of the policy overall. It depends on a few different factors, but you could wipe out the future death benefits altogether if you withdraw too much.

So before you take out a loan against your policy or withdraw funds, be sure you have a full understanding as to what it will mean for your policy. Give us a call if you have any questions, and our team will help! The best way to get the full potential out of any policy is to understand it inside and out. At Best Life Insurance, we strive to help you build a legacy through a better understanding of policies that will work for you!

While the topic of death might seem uncomfortable, it’s a conversation that needs to happen to ensure a secure future. Our team wants to do just that, help you ensure your future for when you’re no longer there. This will give you peace of mind while also granting a liberating freedom towards events after your passing.

There are a myriad of reasons as to why a person would seek out insurance such as a Whole Life policy. This type of insurance could help your family pay the taxes on property the policyholder owned. The death benefits could also cover final expenses items such as funeral costs. Or perhaps you’d like to set up a trust with your death benefits for your family’s future generations.

We can help you set up what you need while ensuring that you don’t overlook any other benefits or potential setbacks! Our team at Best Life Insurance Houston will always be available to help you with your future planning. When you plan for the future, your present self can relax, knowing that the horizon has a safety net.

Whole Life insurance is one of the more expensive policy options due to it lasting your whole life. However, there are other factors that go into determining the rate of your premium. A few of the basic factors include your age, gender, and current state of your health.

Some of the more unfamiliar factors that play into your rates are the location of your residency and the number of payments you put into your death benefit. You can expect to pay a slightly higher premium if you are of average health compared to someone of excellent health in your same age and gender.

You should also keep in mind that Whole Life insurance might not be the right fit for you. There are still a lot of different options you can check out with our team members. So don’t think you can’t get great coverage without this policy.