Whole life insurance is a plan, which provides you with risk coverage for your life’s entirety. It is also known as permanent insurance. A permanent insurance plan is comparable to buying a house because it provides a guaranteed benefit to the beneficiary. The premium of the policy stays consistent and the policy remains in effect from the day you buy it until death

Permanent insurance is unique in way because it builds up a cash value. The beneficiary can borrow money against the accumulation known as “cash value”. Some whole life insurance policies can be paid over a period of 10/15/20 years or when you reach the age of 65/70years and sometimes can even grow in value over the original death benefit. Your beneficiary will receive the contractual amount with NO TAX when you pass away

Participant whole life policy is very convenient for estate and retirement planning because of the high cash value at a later age. The policy uses a dividend to buy insurance, which results in increase of death benefits and cash value.

There are many uses for whole life insurance in the future. Some examples are, final expenses, estate and tax planning to offset capital gains, charitable giving or to leave money for your loved ones.

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