Whole life insurance is a type of insurance that is a part investment and part insurance. It is an interesting type of insurance that can be helpful to families in a number of ways. If you are interested in whole life insurance, contact us today at Alliance Insurance Services in Arvada, CO.
Perhaps the simplest aspect to whole life insurance is its death benefit. This is the amount that is paid to your beneficiaries upon your death. When the policy is created, you choose a death benefit amount. This amount will determine the amount of your monthly premiums. Higher benefits mean higher premiums.
What often sets this type of life insurance apart for many is that the policy will build its own cash value over time. As time goes on, the premiums you pay for your insurance are invested by the company, and part of that income is reflected in a cash value for your policy. This is an amount that you can borrow against if you need to. Having a big financial emergency is made a lot easier to handle for many who have this kind of policy.
The insurance company can’t cancel your policy no matter how old you get as long as you keep paying the premiums. Whole life policies are just that- they are good for your whole life. Keep your whole life policy in good standing and the death benefit and cash value will both be there when they are needed.
Get Your Whole Life Policy
If you are interested in this type of life insurance, it’s a good idea to get started and lock in your premium price. Give us a call at Alliance Insurance Services in Arvada, CO to discuss this type of life insurance with an insurance agent.