Most people need to have life insurance in place to protect their families from financial hardship. Most life insurance policies are either term or whole life policies. Whole life policies are popular because of the way they work and how they can benefit both the policyholder and the beneficiaries. If you want a whole life policy, give us a call at Client First Insurance Solutions in Americus, GA.
Paying Your Premiums
When you get a whole life policy, there will be a monthly premium to pay to keep the policy in place. This monthly payment is generally more than it would be with term life premiums, but these premiums keep the policy in place for as long as you want. Your premiums begin to build cash value after you have had the insurance for a few years. Paying your premiums also keeps the policy in place even as you get older. The company cannot cancel one of these policies as long as you continue to pay the premiums.
Building Cash Value
The cash value that is built up over years of paying your premiums can be borrowed against. This is a cash value that you own and can borrow when you need to. The cash value will be less than the death benefit that is paid out upon death. Once you borrow against it, it works like a loan that you can make payments toward. If you don’t pay it all off before death, that amount will be deducted from your death benefit, and your beneficiaries will receive that new amount.
Get Your Whole Life Policy
If you like the idea of having a pool of cash that you can access if you need to, you may want to choose a whole life insurance policy. Call us at Client First Insurance Solutions in Americus, GA.