What is whole life insurance?
Whole life insurance covers you for your whole life and gives your beneficiaries a tax-free payment after you die.
Some plans can build cash value over time. Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy. And some permanent insurance plans let you pay for a limited time and then never again. Universal life and participating life are other forms of permanent life insurance that you may want to consider.
Why choose whole life insurance?
Whole life insurance can be ideal if you’re considering planning your estate and need a source of funds that will help your heirs.
If you’re looking for a way to maximize the amount that you leave to your loved ones and offset the impact that taxes could have on the value of your estate, consider whole life insurance. Whole life insurance plans offer permanent life insurance protection that comes with fixed level premiums which are payable for a given number of years as well as insurance protection that’s there for life.
Benefits of whole life insurance
Whole life insurance lasts for a policyholder’s lifetime, as opposed to term life insurance, which is for a specific amount of years.
Whole life insurance is paid out to a beneficiary or beneficiaries upon the policyholder’s death, provided that the premium payments were maintained. Whole life insurance pays a death benefit, but also has a savings component in which cash can build up. The savings component can be invested; additionally, the policyholder can access the cash while alive, by either withdrawing or borrowing against it, when needed.
What is whole life insurance?
Whole life insurance covers you for your whole life and gives your beneficiaries a tax-free payment after you die.
Some plans can build cash value over time. Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy. And some permanent insurance plans let you pay for a limited time and then never again. Universal life and participating life are other forms of permanent life insurance that you may want to consider.
Why choose whole life insurance?
Whole life insurance can be ideal if you’re considering planning your estate and need a source of funds that will help your heirs.
If you’re looking for a way to maximize the amount that you leave to your loved ones and offset the impact that taxes could have on the value of your estate, consider whole life insurance. Whole life insurance plans offer permanent life insurance protection that comes with fixed level premiums which are payable for a given number of years as well as insurance protection that’s there for life.
Benefits of whole life insurance
Whole life insurance lasts for a policyholder’s lifetime, as opposed to term life insurance, which is for a specific amount of years.
Whole life insurance is paid out to a beneficiary or beneficiaries upon the policyholder’s death, provided that the premium payments were maintained. Whole life insurance pays a death benefit, but also has a savings component in which cash can build up. The savings component can be invested; additionally, the policyholder can access the cash while alive, by either withdrawing or borrowing against it, when needed.
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