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How Whole Life Insurance Protects Your Family

If you are looking for whole life insurance in the greater Easton, PA community, Valor Insurance is ready to provide answers to all your questions.

What is Whole Life Insurance?

Whole Life insurance is both a permanent life insurance policy and an investment account. Like a guaranteed universal life insurance policy, this will provide an inheritance or help your beneficiaries cover costs after your death.

How Does Whole Life Add to Your Investments?

In a whole life insurance policy, a portion of your premiums goes towards the cash value of the policy. Over time, that cash value grows and can payout dividends. Dividends can apply towards:

  • Paying off premiums.
  • Acquiring paid-up insurance additions. These add to the cash value and eventual death benefit of your policy.
  • Pocketing bonus money.

The cash value of your whole life insurance is tax-deferred, like other retirement accounts. Your contributions to it, however, are not tax deductible.

How Can You Access Investment Gains on a Whole Life Policy?

Cash value is not part of the death benefit enjoyed by your beneficiaries. Rather, you can use it in a few ways.

A policy loan, cash dividends, withdrawal, policy surrender, and selling your policy all give you access to the cash value. Each of these methods comes with different risks and benefits. The bottom line is that this type of insurance enhances your family’s investments and adds to the pool of accessible cash in the event of an emergency.

Who Should Consider Whole Life Insurance

Not everyone is well-suited to whole life insurance. It’s not a good option for those who are older or those who have a weak investment portfolio. Whole Life insurance is a long-term investment option that begins to pay out after 15-20 years. The best candidate is younger, earning good pay, with a diverse investment portfolio, and wants to pass on a strong inheritance.

Contact Us Today

If you are looking for coverage in the greater Easton, PA community, call Valor Insurance today and our knowledgeable staff will guide you through everything you need to make the right choices for your family.