The Value of Whole Life Insurance
If you speak to ten people in the financial services industry about whole life insurance, you might very well get 10 very different responses. At LifeInsure.com, we provide life insurance solutions for many different types of people and we never take a cookie-cutter approach with our advice.
Whole life insurance has been either revered or maligned over the years, depending on whom you speak with. We believe that a good whole life insurance policy from a Mutual life insurance company, while not for everyone, can be a great tool in helping some people realize their financial goals.
Here are some of the features that make it a solid choice for some of our clients:
- Addresses the issue of providing money for the family in case of death.
- Whole life has absolute guarantees without the need for special riders as in universal life insurance.
- Disability waiver of premium that can pay your insurance premiums in case of total disability. Since a whole life insurance waiver of premium pays the premium when totally disabled, the cash values (and dividends) continue growing without any out of pocket cost.
- Some whole life insurance policies give access to death benefit values while you’re living in the event of chronic and/or terminal illness.
- In many states the benefits and values in whole life insurance policies are protected from creditors and lawsuit.
- Privacy – Life Insurance is a private transaction (within Patriot Act rules).
- College financial aid – Cash values are not disclosed for FAFSA college financial aid calculations (advantage over 529 plans).
- Potential for tax beneficial income later in life.
- Ease of use of money for other financial opportunities.
- Allows access to other forms of capital.
- Whole life insurance has significant death benefit in later life – even after age 85.
- Allows full use of all assets when they can most be enjoyed without fear.