How whole life insurance adds value during your lifetime
So what are ‘living benefits’? Living benefits refer to the cash benefits available to the insured after they have paid premiums over a specific period. When you purchase a whole life policy, the policyholder may be able to access their life insurance death benefit while they are still alive, depending on the living benefits that the policy may offer, such as terminal illness rider.
Other benefits include tax-deferred growth and loans – allowing you to borrow against the cash value of your policy for things like tuition and emergencies.
A Whole life policy also guarantees coverage for as long as you live. If you pay your premium (and any outstanding loan interest), you are guaranteed a death benefit even if you live to be 100.
Have more questions? Connect with us! We would be happy to set up an appointment to discuss how a whole life policy can work for you.