Whole Life Insurance

Whole life insurance is designed to accumulate cash value over the life of individuals from the date of issue until death. Whole life policies are designed to mature or endow when the ensured reaches the age of 100.

If the individual pays all the premiums from the date the policy is issued until he or she reaches the age of 100, the policy is paid up and the cash value would equal the face value. If the insured dies before maturity the policy would pay the face amount of the policy, which includes the cash value of the policy. This type of insurance is commonly purchased to provide security for those that the insured loves and is concerned about their financial well-being.

Benefits
  • The death benefit paid to the beneficiary is tax-free.
  • The policy owner can borrow from the cash value of the policy.
  • The money taken out as a loan is not subject to income tax, whether or not the loan is repaid.