Whole life insurance, also known as permanent life insurance, is a simplified policy that locks in premiums and death benefits for a lifetime. Whole life also includes a savings element, called the cash value, which can accrue tax-deferred interest over time.
 

How Does Whole Life Insurance Work?


Permanent life insurance policies such as whole life offer coverage for your entire life, with guaranteed benefits to your beneficiaries. Unlike term policies, a whole life policy won’t expire and your premium amounts won’t increase as you age.

Permanent life insurance such as whole life includes a savings element known as “cash value”. The cash value that you earn can be borrowed against or withdrawn for future financial needs, such as purchasing a home or paying for college. Whole life is a great solution for meeting long-term financial goals with consistent premiums and guaranteed benefits.

Whole Life Benefits

  • Guaranteed death benefits
  • Reliable payments
  • Cash Value

Is Whole Life Right for You?


Whole life insurance is more costly than term life insurance because it’s benefits last a lifetime. With whole life insurance, you are guaranteed to receive benefits. Whole life customers have the benefit of knowing they’ve got lifelong coverage for a set premium. In addition, whole life insurance can accumulate cash value, which can serve as a source of equity for the policy holder. If you want to withdraw your accumulated cash value, you may do so without reducing your guaranteed death benefit.

Whole life offers a guaranteed benefit for premium payments and an opportunity to accrue cash value over time. If you want the security of knowing your premium will remain the same - even as your age or if your health declines - whole life may be the right choice for you.

 


Call InterWest Insurance Services today at (800) 579-6369 to find out if whole life coverage is right for you and your financial goals. Our life insurance experts will help you pick the right plan for you and your family, so you can have peace of mind no matter what may come your way.