Whole Life Insurance Explained
Whole Life insurance offers level premiums and an accumulation of cash value. In addition to providing life insurance coverage for as long as you live, the guaranteed cash values* can provide money, when you need it, to help with temporary needs or emergencies. Whole Life may be appropriate for those with long-range insurance and financial goals.
Features of Whole Life Insurance
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Level premiums – premiums stay level for the life of the policy.
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Payable for life – provides life insurance coverage for as long as the policy remains in force.
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Pays dividends* – when we have profitable years, we share the profits with you.
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Guaranteed cash value** – you may borrow against your policy at the current loan rate. Upon surrender, the cash value would be available to you.
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Cash value growth is tax deferred – The growth in cash values is tax-deferred under current federal income tax law.
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Death benefit – life insurance proceeds are generally income tax free to the beneficiary.
*Dividends are not guaranteed
**The amount of your guaranteed cash value depends on the kind of permanent (whole) life policy you owned, its size and how long you have owned it. Borrowed amounts reduce the death benefit and cash surrender value.
