Whole Life Insurance

Worrying about your family’s future is natural, but why waste time stressing about the ‘what ifs’ when you can take some simple steps to plan ahead instead. Whole Life Insurance lets you provide financial security for your loved ones after you are gone. If you have people in your life who would suffer financially without you, then Whole Life insurance offers a lifetime of financial protection.

Stop worrying about the future and enjoy the today, find your perfect Whole Life coverage now.

Whole life insurance:
The long-term strategy to plan for your family’s future

Whole Life Insurance, also referred to as Permanent Life Insurance, is a life insurance policy that provides coverage for your whole life. This means that whatever age you live to, the policy is guaranteed to pay out as long as you’ve maintained paying the premiums. Some companies may require you to have a medical examination to take out this type of life insurance plan, but once you pass, your premium will be fixed for life.

Advantages of Whole Insurance

guaranteed

Guaranteed coverage for life, unless you fail to pay your premium.

cash value

Your policy builds a cash value.

stability

Fixed premiums for the duration of the policy.

Protect your family from financial burdens
with Whole Life Insurance

As a provider for your family, your death could leave both instant and long term financial burdens on your family. You invest in their lives daily and plan for their future, but it can be easy to overlook how your loss would impact them financially. Whole Life insurance offers long-term protection, so you can rest assured you won’t leave them financially burdened.

Whole Life Insurance can protect your loved ones from:

End of life costs such as paying for your burial, helping minimize the financial burden during this difficult time
Your remaining mortgage balance, ensuring your loved ones can stay in the family home
The loss of your income, match your financial contributions so your family doesn’t need to stress about household costs after you are gone
Any other financial burden you may leave behind, such as debts and loans

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Help your family fulfill their dreams

Perhaps you want to do more than provide protection from financial stress? Whole Life insurance lets you leave a cash amount to help fulfill your family’s future plans. Whether it’s sending your children to college or helping them buy their first home—you can ensure that your dreams for your family can still come true.

College tuition, provide your kids or grandchildren with a college education

Weddings, ensure your children or grandchildren still have their dream day

Trust funds, set your children or grandchildren up with a solid financial start

Anything else you can dream of.

Whole Life Plans - Learn the basics

When you take out a Whole Life plan your premiums contribute to the Death Benefit and the Cash Value of the policy. The value of both of these parts will be paid to the beneficiary after the policy holder’s death.

Death Benefits

In addition to the death benefit your policy will accrue a tax-free cash value that is paid out with the Death Benefit. This living benefit can be accessed throughout the policy once it reaches a certain level. The cash value can be borrowed against or in some cases even withdrawn if you need to deal with financial emergencies. This part of the policy accumulates interest like a savings account. If you choose to cancel your account the Cash Value will be paid out as a lump sum. The amount is not taxed unless your payout exceeds your premium payments.

The cash value can be borrowed against or in some cases even withdrawn if you need to deal with financial emergencies.

Cash Value

In addition to the death benefit your policy will accrue a tax-free cash value that is paid out with the Death Benefit. This living benefit can be accessed throughout the policy once it reaches a certain level. The cash value can be borrowed against or in some cases even withdrawn if you need to deal with financial emergencies. This part of the policy accumulates interest like a savings account. If you choose to cancel your account the Cash Value will be paid out as a lump sum. The amount is not taxed unless your payout exceeds your premium payments.

Additional Benefits of a Whole Life Plan

Many Whole Life policies pay dividends, these dividends are tax-free. It’s up to you to decide how you use them but many people use them to help pay their premiums or to increase their coverage amount.

KEY FACTS:

Your policy has a cash value that grows throughout the duration of the policy.
Some policies pay dividends, helping make them more affordable.
The Cash Value of your policy can be borrowed against when it reaches a certain level, helping provide protection in a financial emergency.

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The Cost of a Whole Life Policy

Whole Life policies are significantly more expensive than Term Life Policies, but do offer fixed premiums for the duration of the policy. This higher cost is because you are covered for your entire life and the policy is guaranteed to pay out upon your death. Factors affecting premium costs include your age, your health and the covered amount. Deciding whether these higher premiums are worth the lifelong protection will depend on your personal situation. Our insurance specialists can help talk you through your options.

Your coverage lasts for life, but only if you maintain your premiums. Whole life is only a good option if you know your budget can handle the extra cost indefinitely.

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Choosing the right coverage amount to protect your family

With a few calculations it’s easy to work out your coverage needs. The first things to think about are your financial obligations, how much money would you need to leave your loved ones to ensure they are not financially burdened after your death?

These costs may include:

Final expense costs (funeral and burial expenses etc.)
Your mortgage balance
Personal debts
Replacement of your income
Estate taxes

In addition, you should consider whether you want to provide financially for your family’s future goals.

These include things like:

Providing money for your children’s college education
Leaving a lump sum to pay for your children’s weddings
Leaving money in trust

Our agents are available to guide you through this process, helping you to find the best plan to fit your needs and the protection you want for your family.

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When to buy a Whole Life plan

The right time to buy a Whole Life insurance plan is different for everybody. Many people experience life events that trigger their interest in the financial peace of mind offered by life insurance—these include things like marriage, having children or buying a home. However, there’s no better reason than simply wanting to provide for your family after you are gone and it’s never too early to start planning.

Some Whole Life policies require a medical examination so it’s advantageous to start looking at plans while you are healthy.

Key things to consider when choosing the right time:

Plan prices could increase the older you get.
Does the premium cost make financial sense in your current situation?
Waiting leaves your family exposed to financial burdens.

Whole Life Insurance