5 Advantages Of Having Whole Life Insurance

A whole life insurance policy has many benefits for you and your family. By purchasing whole life insurance you will provide a financial safety net for your family. In case something happens to you and you die, your love ones will receive life insurance proceedings. These proceedings will allow your family to cover important expenses like funerals, mortgage rates and daily costs. But, by simply looking at some whole life insurance quotes, you can see that this type of policy does much more than that!

compare-300x191Here are 5 advantages of having whole life insurance:

1.       It builds cash value

Whole life insurance has an investment component which generates cash value at a fixed and regular rate. You, as the insured, can withdraw money from the policy’s account after a pre-determined period of time, tax free!

2.       Provides permanent life coverage

Whole life insurance policies provide permanent coverage. By comparing whole life insurance quotes you will get affordable life coverage for as long as you live. You will not longer have to worry about an expiration date.

3.       You can borrow against the policy

If you ever find yourself in need of money just head over to your life insurance provider and take a loan at a low interest. Whole life insurance plans have this feature. The best part is that you do not have to repay the full amount of your debt: if the loan is not repaid by the time of your death, the agency will deduct the amount from the policy’s coverage.

4.       Important in estate planning

Whole life insurance is important in estate planning as it can allow you to avoid inheritance and other costly taxes.

5.       Can provide income during retirement

Because it works as a savings tool, whole life insurance policies can provide substantial financial income during retirement. The more time passes, the more money your policy will generate. So, by the time you will be retired, your policy will be a reliable source of income!

These are just five of the many advantages whole life insurance provides for you and your family! For more information and free whole life insurance quotes, visit our website at http://www.insurancelifeinsurance.com/ !