Updated: May 28, 2022
Using whole life Insurance to build cash value for a secure future.
By Clyde Anderson
Sheila's mother cries as the children look on.
“Sheila was a single mother of two, Michelle, 17, and Mark, 14, were the loves of her life.”
They were great kids who loved their mom. Sheila lived paycheck to paycheck and often thought about getting life insurance to protect her kids if something happened to her. One evening, Sheila was struck by a drunk driver and died instantly on her way home from work. She had never got that life insurance because she thought she couldn't afford it. Her two children, Michelle and Mark, were alone and broke. If Lisa had looked into life insurance instead of assuming what she could do, she would have found out she had options that would at least help the kids bury their mother. So they could grieve without the burden of how to bury their mother. If they had had a Whole Life Insurance policy, one of the most popular options, they would have been covered.
Whole life insurance is one of the most popular life insurance policies. This type of permanent life insurance coverage offers many essential benefits, including lifelong coverage, cash value accumulation, and tax-deferred growth. Suppose you're looking for a policy that can provide financial security for your loved ones by locking in benefits that can help pay for end-of-life expenses and cash value that can be accessed in an emergency. In that case, whole life insurance is worth considering. In this blog post, we'll look at the benefits of Whole Life Insurance and why it may be the right choice for you.
This type of was designed to provide protection for your family It offers many benefits, including:
Whole life insurance builds cash value. Unlike term life insurance, which does not make cash value, whole life insurance policies accumulate cash value over time. This cash value can be used for a variety of purposes, such as: paying premiums, supplementing retirement income and paying for unexpected expenses.
Whole life insurance offers tax-deferred growth. Your policy's cash value grows on a tax-deferred basis, meaning you won't have to pay taxes on it until you withdraw the money. This can provide a significant boost to your savings.
Whole life insurance is flexible. Whole life policies offer various options and riders that can be tailored to your specific needs. This flexibility can make finding a policy that meets your unique needs easy.
Whole life insurance can be a valuable estate planning tool. Whole life policies can help pay estate taxes, fund a trust, or provide liquidity for your heirs.
Suppose you are looking for lifelong protection and a policy that can provide financial security for your loved ones. In that case, whole life insurance is the right choice, with several significant benefits, including lifelong coverage, cash value accumulation, and tax-deferred growth. Let's take a closer look at each of these benefits in turn.
As long as you continue to pay your premiums, your policy will remain in force. This can give you and your loved one peace of mind, knowing that you will be covered no matter what happens. That’s the type of coverage Sheila wanted for her own kids, but instead they were left to grieve and figure out how to set up a Go Fund Me account to raise money to cover the funeral expenses.
For More Information about life insurance options contact the Change on Purpose Partner Tenika "Ty" Copeland