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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.

Types of Life Insurance

There are two primary types of life insurance, and it’s important to understand each of them when it’s time to choose your life insurance policy. Both term life and whole life insurance policies have their own benefits and drawbacks. When you know how each of them works, it will be easier to make the choice that is right for you. When you’re ready to find out more about life insurance, give us a call at Valor Insurance in Easton, PA to find out more. 

Types of Life Insurance

Whole Life Insurance

Whole life insurance is a popular type of life insurance for several reasons. It is a type of insurance that you can keep for your whole life, hence the name. Your life insurance policy will stay in effect for as long as you keep paying for it, no matter how old you get. This is a good way to ensure that you will always have life insurance. This type of policy costs more, but it has a surprising advantage. When you pay your insurance premiums, they are invested by the insurance company, and a small portion of those profits become a cash value for your policy. This is money that you can borrow against if you have a financial emergency and need quick access to money. 

Term Life Insurance

A term life insurance is also what it sounds like- it’s only good for the term of the contract, which may be 20 years or more. When you have this insurance, it costs less than whole life, but it does expire at the end of the term. When that happens, you have to apply for a new policy. 

Get Life Insurance

If you don’t have a life insurance policy, it’s not smart to wait. You need to have this policy in place right away. Call us at Valor Insurance in Easton, PA.