Tax-deferred Life Insurance
If you have a family that relies on you, getting a Whole Life policy with us can be an excellent financial choice.
A Whole Life Insurance policy covers the entire life of the policyholder. As time goes on, the cash value of the policy will increase. These policies are also tax-deferred and have fixed premiums that do not fluctuate over time. This enables policyholders and beneficiaries effectively plan their payments along with other living expenses.
How Does Whole Life Insurance Work?
Simply put, a provider promises to pay beneficiaries a set amount of money when you, the policyholder, are no longer here. In return, you, the policyholder, promise to make regular payments (premiums). As you make your premium payments, you’ll build cash value that is tax-deferred. Additionally, you can earn dividends that can be taken as cash. Oftentimes, policyholders will use these dividends to pay their premiums or buy more coverage.
Speak With an Agent to Learn More About Whole Life Insurance
Are medical exams required? How much coverage is enough coverage? These are all great questions that Landel Insurance can help you navigate when you are in the process of acquiring a Whole Life Insurance Plan. If you need assistance, reach out today! Let’s be proactive about your future and your family’s future.
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When is a Whole Life Insurance Plan Right for You?
To Provide Financial Support
Oftentimes, your beneficiaries include your spouse, parents, or children. If you are a significant contributor to your household income, then a Whole Life Insurance plan can significantly support them financially, especially after experiencing a significant loss in the family.
To Replace Income Temporarily
If your family relies heavily or solely on your income and you are between jobs or facing financial stress, you can usually withdraw part of the cash value in a Whole Life Policy without canceling your coverage. This could replace your income until you determine more permanent resources or secure a new job.
To Plan for the Future
The amount your beneficiaries receive from your whole life insurance can play an incredible role in helping them further secure their financial or academic future after your passing. It can also help them offset the costs of your funeral and other after-life expenses.
To Pay Outstanding Debts
If you have debt, it should be taken into consideration when planning your policy. Upon your death, your Whole Life plan could help your loved ones square away any debts owed, whether they are long-term loans or credit card debt. With whole life insurance, you can be assured that your family will not bear the financial burdens of additional debt.
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Learn More About Life Insurance Options Available to You
As your ultimate life insurance company, Landel Insurance is committed to finding the right life insurance plan for you based on your needs and budget. What is the difference between Term, Whole, and Universal? Read on to learn more.
A death benefit is a sum of money paid out to beneficiaries of a life insurance policy as long as the insured died while the policy was in effect. Insured individuals can have more than one beneficiary, and in most cases, they are their spouse or children.
If you reach your financial goals, then absolutely, yes, a Whole Life plan is worth it. Whole Life plans are a tax-advantaged and flexible way to supplement your financial planning. Its cash value is guaranteed to increase, and there is a guaranteed payout upon your passing.
Eligibility can be determined by your age, gender, employment information, medical history, and lifestyle choices. Most plans require policyholders to get a medical exam and based on the results, this could impact your premiums and coverage. To learn more, please reach out to Landel Insurance.
Have Additional Questions?
Landel Insurance can provide you with additional insights regarding your insurance questions. Please don't hesitate to contact us!
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