What is Whole Life Insurance?
Whole life insurance, also known as permanent life insurance, provides coverage for your entire life. The policy will remain active until you die, as long as you keep paying the monthly premiums.
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When you pass away, the insurance company will pay out a predetermined amount to your beneficiaries. They can claim the policy benefit to cover funeral costs, pay off any loans or take care of general living expenses.
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Whole life insurance policies also include a savings component that grows at a guaranteed rate, building cash value that you can access and use for certain purposes.
Who Should Get Whole Life Insurance?
Almost anyone can benefit from buying a whole life insurance policy, but parents and spouses will see the biggest gains.
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Life insurance is designed to protect those you would leave behind if you passed away. If losing your income would create a financial hole, then buying whole life insurance ensures that your family would remain financially stable.
Why do you need life insurance?
Replace lost income
You can help your dependents financially who rely on your income with adequate life insurance coverage.
Pay off debt
Debt does not disappear, whether you are alive or not. In most cases, your debt (mortgages or other loans) may fall on your spouse or other family members who are co-signers – life insurance can help alleviate just that.
College planning
Insurance proceeds can be a good supplement for your kids’ savings towards college.
Funeral expenses
In the case of your passing, life insurance can help ease the financial burden of funeral expenses.
Business coverage
As a business owner and partner, life insurance helps lessen the financial burden one partner is left with if the other dies.
Inheritance taxes
To avoid having your family getting hit with a big estate and inheritance tax bill when you pass away, make sure to be covered with life insurance to help cover these added costs.
Protecting those you love is easy
When you take care of your life, it is easy to protect your loved ones
Step 1
Answer a few simple
questions about you and
your lifestyle
Step 2
Check your Quality of Life Index
to receive personalized advice on life insurance.
Step 3
Simply select the right
insurance plan and apply
online.