A whole life insurance policy can offer you permanent protection while also building your savings, helping to make sure your family’s needs are covered. With products from more than 20 life insurance companies, eFinancial is here to help you explore your whole life insurance options.
Whole life insurance is a type of permanent life insurance. Unlike term life insurance, which lasts for a set period of time, whole life insurance lasts your entire life as long as you pay your premiums. After you die, whole life insurance offers your beneficiaries a tax-free lump cash payment.
Whole life insurance also allows you to build tax-deferred cash value over the life of your policy. Every time you pay your premium, a portion goes toward that cash value. Over time, you may be able to borrow against that value or withdraw it. Keep in mind that borrowing or withdrawing funds from your policy without repayment will reduce your cash value and death benefit, and could also impact your taxes. Your tax advisor can help you figure out your best options.
Unlike some other types of life insurance, whole life insurance premiums stay the same throughout your entire policy. If you have a steady income and don’t expect big changes in your finances over time, the level premiums whole life insurance provides can make it easy to plan for your financial future.
Why buy whole life insurance? Many families find it offers the assurance they’re seeking to protect their family’s future. Some reasons you might choose whole life insurance include:
Since whole life insurance lasts for your entire lifetime, you can rest easy knowing your loved ones can take care of their financial needs.
Whole life insurance can provide a tax-free cash payment to your loved ones after your death. With no strings attached, this lump sum can help them cover your end-of-life expenses, make mortgage payments, replace your income, and manage other financial needs.
Each month, a portion of your premium will go into a separate cash fund that accumulates interest over your policy’s lifetime. You can borrow or withdraw some of the funds as needed, or cash out the entire fund and surrender your policy.
Many people enjoy the fact whole life insurance premiums stay the same throughout their policy. With this steady rate, you can easily budget for regular and consistent payments.
If you need an additional source of cash, you can choose to use part of your cash value while you’re still alive. Whole life insurance allows you to take out loans against your policy for any reason.
Permanent life insurance policies offer protection you can’t outlive. This lifelong assurance provides additional peace of mind for many customers’ end-of-life financial obligations.
eFinancial is committed to helping individuals, couples, and families across the country find the right life insurance options for their needs. We offer access to policies from many well-known life insurance companies, and we’re here to help you review whole life insurance rates and coverage options to find the best fit. After you find a plan that best matches your lifestyle and budget, our agents will guide you through the approval process so you can get covered as quickly as possible.
Whole life insurance pays out a set amount of cash to your beneficiaries after your death, known as a death benefit. The larger the policy you choose, the more money they will receive.
To keep your insurance policy active, you’ll make payments, called premiums, either monthly or yearly. As long as you keep paying these premiums, your policy will stay in effect for your entire life. Part of each premium will go toward an account, which grows with interest as long as your policy is active.
Riders are optional features that you can add to a life insurance policy for additional coverage. They vary by provider and can increase how much you pay for your coverage. If you choose a whole life insurance policy, we’ll help you explore the available riders and pick the best features for you. Some of the most common riders include:
Universal and whole life insurance policies are both types of permanent life insurance. However, there are a few major differences:
The right amount of coverage depends on your unique circumstances. To determine how much life insurance you need, start by asking yourself these questions:
Like a savings account, whole life insurance is a way to save money your loved ones can use after your death while also earning interest. Whole life insurance usually offers higher, untaxed earnings than a savings account, however. You can also borrow from the policy over your lifetime, which is often more affordable than taking out a personal loan. For some people, though, a savings account can be a better choice since it doesn’t require you to pay monthly premiums. At eFinancial, we’ll help you consider your options and choose the best type of savings for your situation.
At eFinancial, our goal is to make buying life insurance simpler and better for you and your family. We’re here to help you find high-quality, affordable whole life insurance options that meet your needs. To learn more, request a quote online or call 866-580-0290 to talk with one of our agents.
