Protect Yourself and Your Loved Ones with Whole Life Insurance
If you’re curious about a whole life insurance policy and what it can provide for you and your family, you’re in the right place. Discover more about Americo’s whole life insurance policies and the benefits they offer.
What Is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance, which means that it does not expire. As long as you pay your premiums every month, your life insurance policy remains active. Whole life insurance provides a death benefit that varies depending on the amount of coverage you choose, and this benefit is paid out to the beneficiary should the policyholder pass away.
One of the unique aspects of a whole life insurance policy is that it also has a savings component where cash can be built up and re-invested if the policy holder chooses. These cash reserves can be borrowed from by the policyholder, serving as a source of equity for a quick loan or withdrawal. If there are any outstanding loans at the time of the policyholder’s death, they are paid off out of the death benefit amount. Cash withdrawals, on the other hand, reduce the overall cash value of the policy but don’t affect the death benefit.
How Does a Whole Life Insurance Policy Differ from Other Policies?
If you’re deciding between a number of different types of life insurance policies, you’re probably wondering how a whole life insurance policy stacks up against the other varieties.
The most common and straightforward type of life insurance is term life insurance, which, unlike whole life insurance, does have an expiration date. The typical term life insurance policy lasts anywhere from 10 to 30 years, and pays out a death benefit to beneficiaries if the policyholder passes away before the term is up. However, if the term expires before the policyholder dies, the policyholder can either start a new policy or convert their term life insurance into a whole life insurance policy.
While term life insurance typically has cheaper premiums than whole life insurance, a whole life insurance policy has the added savings value and never expires. So how do you choose which one is right for you? Let’s take a closer look at the perks of a whole life insurance policy so you can determine if this type of policy will benefit you in the long run.
Can You Benefit from a Whole Life Insurance Policy?
Now that you know the basics of what a whole life insurance policy can offer, how do you decide if it’s right for you, your family and your current situation in life? Here are some factors to consider.
- Whole life insurance premiums never increase. If you hate stressing about rate increases, whole life insurance may be the choice for you. With Americo’s whole life insurance policies, your rates never change as long as you’re making your payments consistently.
- Whole life insurance never expires. Unlike term life insurance policies, which expire after the agreed-upon time period, a whole life insurance policy doesn’t expire unless the policyholder dies or stops making payments.
- Whole life insurance offers cash value benefits. The savings portion of a whole life insurance policy functions as a secondary savings account that gathers interest which can be reinvested. Plus, if you ever find yourself in a jam and need to take out a loan, you can borrow against the cash value of your life insurance policy rather than taking out a high-interest loan from a bank or other financial institution.
- Premiums are higher – but so is your peace of mind. Although the monthly premiums on a whole life insurance policy tend to be higher than those of term life insurance, the benefits far outweigh the monthly premium. From the cash value to the never-expiring coverage, whole life insurance provides security that you simply can’t find elsewhere.
How to Get a Whole Life Insurance Quote
If you still have questions, find answers on our Life Insurance FAQ page. If you’re ready to get started on the path to financial peace of mind with a whole life insurance policy, your first step is to compare quotes to see who can provide you with the most affordable rates and the best coverage.
With some basic information, you can get a whole life insurance quote online from Americo in a matter of minutes. Our application process is simple, quick and if approved you can get permanent protection up to $30,000. Plus, there’s no medical exam required, and a 30-day satisfaction guarantee to ensure that you’re happy with your coverage.
Get started today and enjoy a brighter, more secure future for yourself and your family.