Whole Life / Cash Value Life Insurance

Are you renting or owning your life insurance?

Most people understand the value of owning over renting. If you rent a home for 20 years, the home is 100% not yours. If you make payments on owning that home for 20 years, you can pay it off and own it outright.

This is the reason many people prefer cash value life insurance- they want more than “just in case” coverage. They like that they not only have a death benefit which pays out in full from day one, but also a liquid asset they can build and grow over the years. The cash value portion of your life insurance policy is your money to withdraw, borrow from should you ever need it for any reason. People commonly use their life insurance cash value for college, investing, down payment on a home or even for retirement income.

Have you considered getting coverage on your children or grandchildren? Whole life insurance sets them up early in life with an asset they keep their whole lives. Having coverage at an early age protects their insurability and locks in rates for pennies on the dollar. Many policies allow the kids to grow their death benefit at different stages of their lives without having to go through underwriting or qualification. 

Some cash value policies grow with the rates of a market index and can turn into a very healthy tax-free, lifetime payout. Like building their own pension plan. The earlier you secure coverage, the smaller the premium needed to make a huge difference in retirement years. If you’d like to take a look at what one of these plans could do for you or your children, contact us and we will schedule a free consultation in person or on video.