Learn more about the benefits of whole life insurance and find out if it is right for your family, or contact us today to compare plans.
An Investment into Your Future
Often when you are considering insurance, you might be seeking protection for when things go wrong. But what if you could buy an insurance policy to protect yourself when things go right? Whole life insurance might just be the solution you are looking for. Purchasing a whole life insurance policy can provide you with the cash you need to enjoy life later on, so you can get more out of your retirement.
At My Guaranteed Income, we can help you determine if you would benefit from adding a whole life insurance policy to your portfolio and help you choose the best whole life insurance policy for you.
What Is Whole Life Insurance?
Whole life insurance is a type of life insurance plan that provides you with coverage for as long as you continue paying your premium or until the end of your life, no matter how long you live. These plans are unique as they accrue cash value which you can withdraw at a later date or even borrow against.
This means that you are building a real financial asset when you invest in one of these plans, similar to a savings account, investment account, house, or another asset. Unlike an investment account or real estate purchase, you cannot lose the cash value that you accrue in your whole life insurance policy, even if the market crashes.
As with other forms of life insurance, your family is also entitled to a certain amount of money or a death benefit if you pass away. Unlike other life insurance policies, whole life insurance never expires once you reach a certain age. You are covered for as long as your premium is paid.
Term vs. Whole Life Insurance
There are many different types of life insurance policies out there, but two of the most popular plans are term life insurance and whole life insurance. While there are many benefits to whole life insurance and term life insurance, they are quite different.
Term life insurance is designed to provide your family with money for funeral expenses and lost income should you pass away before a certain age. Once you reach that age, your plan will expire, and you will no longer be eligible for that death benefit. Whole life insurance has no expiration date as long as you pay your premium.
Benefits of Whole Life Insurance
Whole life insurance policies are a great addition to many retirement plans as they provide you with a real asset to borrow against and withdraw from while offering you less risk than other investments. Continue reading to learn more about all the benefits of whole life insurance.
Whole Life Policies Build Cash Value
You might be hesitant to invest in life insurance because you are concerned that you won’t get any benefit from it if you outlive your policy, but that’s not the case with whole life insurance. A portion of your premium will go towards building cash value, a nest egg that you can later withdraw and use for anything you want.
You Can Borrow Against Your Whole Life Insurance Plan
Because your whole life insurance plan accrues cash value, you can borrow against this asset. This gives you the flexibility to extend your borrowing power to make a significant purchase that might otherwise be out of reach.
You Will Be Covered As Long As You Pay Your Premium
Unlike term life insurance, whole life insurance is designed to provide coverage for your whole life, with no set expiration date. This means that you can rest easy knowing that your family will have the money needed for your final expenses.
Your Premiums Will Never Go Up
When you purchase your plan, your premium will be fixed, so you never have to worry about any surprise expenses. This gives you peace of mind that you will be growing your net worth without growing your monthly expenses.
Some Plans Pay Dividends
Depending on the plan you choose, your whole life insurance plan may pay out dividends. These dividends can even be used to pay your premium, so you don’t have an out-of-pocket expense for your plan.
Death Benefits Are Tax-Free
Many states have an inheritance tax, lowering the amount your loved ones are entitled to after you pass away. However, death benefits from whole life insurance are tax-free, meaning your loved ones have one less thing to worry about.
How to Get Whole Life Insurance
Getting whole life insurance is easy. Check out the four-step process below:
Step 1: Schedule a call.
Call our office at 877.404.0733 or schedule online to book a free 30-minute income strategy session.
Step 2: Discuss your income goals.
Let’s chat about your unique needs and goals you want to accomplish for retirement.
Step 3: Review your custom solutions.
We’ll go over the plan, which has been strategically designed according to your goals that we went over.
Step 4: Put your retirement solutions in action.
You’re all set! Now you can focus on other aspects of your retirement planning.
Why Choose My Guaranteed Income?
At My Guaranteed Income, we are a team of independent insurance agents that work with all the top life insurance companies in the country to ensure that you are getting the best rates and most comprehensive policies for your money. We are here to give you third-party impartial advice when it comes to making informed financial decisions for your family.
How Much Does Whole Life Insurance Cost?
At My Guaranteed Income, we offer some of the most competitive rates on whole life insurance anywhere. Your final cost will depend on your age and other factors. However, your plan may pay for itself in the long run. Contact us today to learn more.
Get an Affordable Quote for Whole Life Insurance Today
If you are interested in protecting your future and your family with an affordable whole life insurance policy, contact us today to get a quote. We look forward to answering all your questions and helping you make a smart financial decision.
Call Now – 877.404.0733.
Schedule a Retirement Strategy Session with Jen Trowbridge, Financial Advisor