WHOLE LIFE

Just like the name implies, Whole Life insurance is in force for your whole life, as opposed to Term Life, which is for a set number of years . Whole life usually has a higher premium, but you get a lot more for your dollar. Whole Life builds a cash value. This money earns interest, which makes it grow faster. After paying premiums for a while, you can borrow against the cash value or use it to pay future premiums. This is called "paid-up" insurance, meaning that there is enough cash value to keep the premiums paid for the rest of your life.

To decide what kind of insurance is most appropriate for you, consider your reason for getting the coverage. If you don't want the protection to end, or if you like the savings feature, Whole Life is for you.

Giving children or grandchildren a Whole Life policy on their life is usually very inexpensive. This protection can be there for them and their future family, with a very low premium. Part or all of the cash value can be used for college, the down payment on a home, etc. Don't you wish someone had helped you in this way?

Final Expenses should be covered with Whole Life, while other needs can be covered with Term Life.

For a free quote, call Nancy, 928-777-8736 or Ron, 928-717-8236, or E-mail us at quotes@weareinsurance.com. To learn more about related topics, go to Trusts.

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