Share:

No matter your situation, life insurance is an investment meant to protect your loved ones. There are a lot of options when it comes to policies, so you’ll need to decide which one is right for you. The team at Phillip Kent Beck Agency in Archdale and High Point, NC, has shared some information about whole life options to help you decide if this is the right choice for you.

A Guide to Whole Life Insurance

What Is It?

Unlike other policies, a whole life insurance policy is permanent, so it is a lifetime investment. It has a financial component called a cash value, which grows slowly over the life of the investment, and all taxes are deferred as the gains grow. It is possible to borrow money against the account if needed, but loans will need to be repaid with interest unless you want to reduce your death benefit. The premiums for this type of policy are higher than those for term policies, but most people decide it’s worthwhile because of the guarantees and benefits it offers.

Why Get It?

life insuranceWhile a whole life insurance policy may seem more complicated than a term one, it offers a few fantastic benefits. It gives you the opportunity to lock in a premium, which will be the same for the rest of your life. The death benefit is guaranteed, and the value of the account will grow at a guaranteed rate for the life of the policy. A professional will explain the details to you so you can choose the premium and benefits that suit your needs.

Phillip Kent Beck Agency is a Nationwide® agency, so you can feel comfortable knowing you’re working with a trusted carrier. Call (336) 434-2111 to talk with an insurance agent about getting your own life insurance policy. They can answer all your questions about term or whole policies to help you make the right choice, and they are happy to provide a complimentary quote.

tracking