Whole life insurance provides lifetime protection. You also have the opportunity to build cash value that can be accessed in the future as long as the policy is sufficiently funded.
Main Features
How does it work?
A whole life policy provides permanent coverage for your entire life. It costs more than a term life policy, because whole life policies accumulate cash value with added interest. You can use this money to help supplement your retirement income in the future, refinance a home, or for any other reason.³ Premiums are locked-in based on your current age and will never increase. In some cases, you can even set up your policy to be paid in full after a set number of years.
- Guarantees are dependent upon the claims-paying ability of the issuing company.
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Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender.
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Early surrender charges may reduce the policy's cash value in early years.
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