PMB 343 4902 Carlisle Pike
Mechanicsburg, PA 17050
Mechanicsburg, PA 17050
Whole Life
Whole Life is the simplest form of permanent life insurance. You are given protection for life, guaranteed premiums, a tax-free death benefit, as well as cash value. As the Whole Life policy matures over time the payout for the death benefit will gain interest and increase. In most situations, Whole Life insurance is best for protecting your loved ones.
Things to Know About Whole Life Insurance :
- Guaranteed Premiums.
- Peace of Mind. You’re protected for life.
- Death Benefit increases over time
- Generally more expensive than Term or Universal Life.
Whole Life may be right for you if :
- You want to build cash value.
- You beneficiaries need to pay estate taxes
- You’re concerned with outliving a Term Life policy.
- Others are relying on you for long-term financial support.
- You wish to create an estate for your beneficiaries.
There a several types of Whole Life insurance which may be right for you. Each has its own advantages.
> Ordinary whole life insurance
Premiums are level as long as you live and your policy builds cash value. Initial cost is higher than initial cost for term, but as the policy matures this will change.
> Limited payment whole life insurance
This policy lets you pay premiums for only a specific period, such as 20 years or until age 65, but insures you for your whole life. Premium payments are higher as a result.
> Single premium whole life insurance
This policy is paid up after one large initial payment. These types of policies can be used if you have a little bit of money you wish to leave to your beneficiaries, but would like to leave a larger gift.
For example, you have $10,000 you’d like to leave your two grandchildren. With a single premium whole life policy that $10,000 could be turned into a $20,000 gift with a single premium payment of $11,000. Instead of your grandchildren splitting your gift, they could each receive it.
For example, you have $10,000 you’d like to leave your two grandchildren. With a single premium whole life policy that $10,000 could be turned into a $20,000 gift with a single premium payment of $11,000. Instead of your grandchildren splitting your gift, they could each receive it.
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Key Insurance Terms
- Premium: A set fee usually charged monthly, that you pay an insurer for a policy.
- Deductible: The amount of money you will have to pay out of pocket before your insurance begins to reimburse care, although some plans provide some reimbursement before the deductible.
- Co-Pay or Co-Payment: A set fee—such as $10 or $25—that you pay for medication or care.
- Co-Insurance: A set percentage of the total cost that you pay for medication or care.
- Network: A contracted group of doctors, hospitals and care providers who work with your insurance plan at lower rates.
- Out of pocket maximum: An annual limit on the amount of money you have to pay before your insurance covers all remaining costs. This limit does not include plan premiums.
Schedule a meeting with us to discuss how life insurance can work for you
Riders Available!
We have a number of riders that you can choose from to customize your insurance coverage. Some riders available are:
- Return of Premium
- Child Rider
- Accidental Death
- Waiver of Premium
- Long Term Care
- Spouse Rider