For many of our clients, whole life insurance is at the heart of their financial strategy, providing not only for those left behind, but the flexibility to meet a variety of financial needs throughout their lives.
When you decide to make whole life insurance part of your overall financial
strategy, you are helping to protect your family’s long-term financial security
at your death. That’s because the death benefit your beneficiaries receive can
help pay expenses at an extremely difficult time.
Whole life insurance also allows you to borrow* against the cash value of the
policy while you are alive – often referred to as “living benefits.” A whole
life insurance policy’s cash value, which accumulates on a tax-deferred basis,
can provide an important financial safety net should you need it. Cash can be
borrowed from the policy for any purpose, such as supplemental retirement
income, education funding, business expenses or emergencies.
Whole life is the only life insurance that offers a guaranteed death benefit,
guaranteed cash value and guaranteed premiums that will never increase as long
as the policy remains in force. It’s a versatile product that can meet a variety of
protection needs.
Prefer to speak to someone about whole life?
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Loans reduce the death benefit of your policy and loan interest should be
repaid in order to prevent lapse.
*Distributions under your policy (including cash dividends and partial/full
surrenders) are not subject to taxation up to the amount paid into the policy
(your cost basis). If the policy is a Modified Endowment Contract, policy loans
and/or distributions are taxable to the extent of gain and are subject to a 10%
tax penalty. Access to cash values through borrowing or partial surrenders can
reduce the policy’s cash value and death benefit, increase the chance the policy
will lapse, and may result in a tax liability if the policy terminates before
the death of the insured.