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10 reasons to consider buying whole life insurance

10 reasons to consider buying whole life insurance

Getting whole life insurance is a good idea because it secures the family’s financial future. When the policyholder passes, the insurance company provides the beneficiaries with a death benefit. They can use it to pay funeral expenses, settle debts, and cover daily living expenses. These policies are easily available, so anyone can find them. Those unsure about buying whole life insurance can research and learn its benefits to make an informed decision.

What is whole life insurance?
Whole life insurance is a type of life insurance designed to cover the policyholder for life. In other words, it protects people for as long as they live. Of course, one must pay premiums to avail of this service. The premiums for whole life insurance are usually fixed, but it is best to confirm that with the provider. Some plans may have variable premiums that go up or down over time. Death benefits are paid to the beneficiary upon the policyholder’s passing.

Why purchase whole life insurance?
Whole life insurance is among the most popular insurance policies. It offers many benefits that attract people, such as lifetime coverage, tax benefits, and, most importantly, peace of mind. Here are some reasons why purchasing whole life insurance is a great idea:

Lifetime coverage
Whole life insurance policies are designed to cover the policyholder’s entire life. If something happens anytime, their dependents receive a guaranteed death benefit. This amount helps them maintain their standard of living and avoid financial crises.

Tax benefit
Participating whole life insurance plans pay dividends, which individuals can occasionally add to their cash value account. This money is tax-deferred, so people only have to pay taxes once they withdraw it. Besides, life insurance beneficiaries also receive tax-free payouts.

Fixed premium rate
With a whole life insurance plan, one need not worry about a hike in premiums. Most policies have a fixed premium rate. That means those who buy when they are young save a lot on the premiums throughout the policy’s life.

Loan facility
One can also borrow against the amount accumulated in the whole life insurance policy’s cash value account. This facility can be used two years after the plan begins, as long as the individual pays all the premiums on time. The money can be used for a child’s college fees, a down payment on a home, or even to pay premiums or buy more insurance.

Support for terminal illnesses
The risk of developing diseases increases with age. Some may develop terminal illnesses, which progress with time and become fatal later on. When the policyholder passes away, whole life insurance takes care of the family’s financial needs. Some riders also allow the individual to withdraw a portion of the payout in advance to meet treatment expenses. But the drawback is that such plans have higher premiums. Still, they are worth the investment because they relieve the financial pressure that would be otherwise high in case of critical illnesses.

Survival benefits
A whole life insurance policy’s survival benefit is one of the most important features that helps a policyholder. If a person survives a pre-decided duration within the policy, they are awarded a certain amount. The money can help meet expenses, clear debts, and reach financial goals.

Guaranteed life coverage
Guaranteed life insurance is a common type of whole life insurance that customers can buy without answering questions or appearing for a health exam. But the drawback is the waiting period, which is usually two to three years. If the individual passes away during this time, the family may be unable to claim the death benefit. Guaranteed life insurance also has an age criteria, so not everyone can apply.

Returns on investment
Whole life insurance policies provide both insurance coverage and investment opportunities. As mentioned, the policy grows its cash value as time passes. Besides applying for a loan against it, one can withdraw this amount partially if needed. This feature ensures liquidity in whole-life plans.

Peace of mind
Policyholders find comfort in knowing their loved ones will enjoy financial security after their passing. The death benefit provides stability for dependents by helping with debt repayment, funeral costs, or continued living expenditures in the long term.

Protection against market risk
Unlike other investment options, stock or bond market changes do not impact a whole life insurance policy’s monetary value.  This  can offer some security and stability, especially in unpredictable economic times. That’s why many people consider whole life insurance an investment option to diversify their portfolios.

Whole life insurance has special advantages, making it an excellent option for some people and families. By knowing these benefits, individuals can decide whether the policy fits their requirements and financial objectives. Those unsure about buying whole life insurance can consult a financial expert. Before advising, the professional will consider age, financial situation, and goals. Individuals should note that whole life insurance is just one of the many alternatives they can consider for life insurance. One can also check out options like term life insurance.  But  since whole life insurance combines lifetime coverage with a cash value component, it is  perhaps  the most attractive choice.

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