There are many good reasons to consider purchasing whole life insurance. Perhaps the most important is to ensure that your family's financial interests are protected in the event something should happen to you. Whole life insurance can help pay for:
- Uncovered medical costs
- Funeral expenses
- Income replacement for survivors
A whole life policy also allows you to take a loan against the policy's interest or principal balances for any purpose. This policy loan can give you the ability to:
- Supplement your retirement
- Help pay for your children's education
- Preserve your estate by eliminating or reducing the need to sell assets to cover estate expenses
What is whole life insurance?
Whole life insurance provides protection for your whole, or entire, life. Featuring simplicity and guarantees, your policy requires no administration or management on your part, since all policy values are determined at the time of your policy purchase, including:
• Death benefit
• Premium
• Rate of cash value accumulation.
As long as your premium is paid, coverage will not expire and cannot be cancelled by the insurer. Even if your health deteriorates and you become otherwise uninsurable, your policy will remain in force and accumulate cash value at the guaranteed rate1 - regardless of changes in the economy.
Who needs whole life insurance?
Whole life insurances may be right for you if you seek:
• Life-long insurance protection.
• A policy that provides protection and has a feature that allows you to accumulate a cash value.
• The assurance that your premium and death benefit will not fluctuate and that the cash value accumulated in the policy will increase at a guaranteed rate on a tax-deferred basis.
• Management-free coverage that requires no administration on your part.
How does it work?
Whole life insurance offers a unique blend of safety and guarantees1, built around the following features:
• Lifelong insurance protection. As long as your premium is paid, coverage will not expire in your older years-making it an ideal long-range planning tool.
• Fixed, level death benefit. The death benefit you select at issue will not decline in later years.
• Guaranteed interest rate1 on the feature that allows the policy to accumulate a cash value without risk or speculation. The cash value accumulated as part of a whole life policy grows at a steady, guaranteed rate. The insurer - not you - bears the investment risk.
• Policy loans. You may borrow against the cash value in your policy for any purpose and at any time2,3.
When should you consider whole life insurance?
Planning early can help ease the burden your loved ones may later face. In planning, it's important to consider your family's current expenses and future obligations. You'll want enough insurance coverage to protect your family in the event of your death.
If you want life-long, worry-free insurance protection, with safety and guarantees not available from any other life insurance product, whole life may be the right product for you to choose.
To learn more about how whole life insurance, contact the licensed investment specialist at your local Chase branch.
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