Benefits of Having and Keeping Whole Life Insurance

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 whole life insurance waiver of premium pays the premium when totally disabled 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 85
Allows full use of all assets when they can most be enjoyed without fear

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