Why it Pays to Have Whole Life Insurance

Why whole life insurance may be right for you.older couple reviewing insurance with an agent

While most people understand the need to secure life insurance, they do not know about their various coverage options.  When it comes time to secure life insurance, one of the first things that you will have to decide is whether to go with term or whole life insurance.  Term life is the more common option of the two, but there are certain benefits to securing a whole life policy.  Here are the advantages of whole life insurance coverage.

  • Continuous Coverage

The most obvious benefit of permanent life insurance policies is that they offer coverage that never expires.  This means that you can simply secure one policy and never have to worry about finding another.  Additionally, because you will always have coverage, you can rest easy knowing that your beneficiaries will receive compensation no matter when you pass away.

  • Cash Value

Permanent life insurance policies offer a cash value component that allows you to borrow against the policy.  The longer you have your policy, the more your cash value increases.  Once this amount reaches a certain limit, you can borrow money from your insurer, using the policy as collateral.  These types of loans do not require you to undergo credit checks or meet other qualifications.  Another bonus is that these types of loans tend to have lower interest rates than standard personal loans from a bank or other financial institution.  So, securing a permanent life insurance policy can offer you convenient and flexible financing options.

  • Asset Diversification

Finally, a permanent life insurance policy is considered an asset by financial experts because there is a guaranteed return (death benefit).  Thus, investing in a whole life insurance policy is a great way to diversify your financial portfolio.

Curious to learn more about this life insurance option?  If so, then contact the experts at ISU-Wissink Insurance.  Our dedicated team is eager to assist you with all your life insurance needs today.