Whole Life Insurance

Whole Life Insurance
December 12, 2018

Whole Life Insurance

What is there was a way to ensure you have life insurance coverage throughout the duration of your life provided that your policy and associated premiums are paid? As a permanent life insurance policy, whole life insurance serves as a contract between both the policyholder and the insurer as long as pre-determined contract terms are met. Whole life premiums are typically fixed and will not increase with the age of the policyholder; however, some may have limited pay policies that vary by age or a period of 10 to 20 years.

In most cases, the stated value of a whole life policy will be disbursed to beneficiaries as long there are no outstanding policy loans although there is a chance that certain riders will potentially increase the death benefit amount. The disbursed amount of a whole life policy will generally be tax-free unless an unusual case exists. This includes any cash value that has accumulated throughout the duration of the policy. While this is true for income taxes, the same may not be true for estate taxes unless special irrevocable trusts have been put in place.

If you are looking for a permanent life insurance policy that provides a cash value, whole life insurance will likely meet your needs. Not only will this ensures that costs associated with your death are covered, your beneficiaries will have the income needed to maintain their lifestyle long disbursements have been made. At Anchor Financial Group, we know the legacy and support you leave behind is important. For this reason, we work hard to ensure that your life insurance goals are met completely.

Ready to Get Started?

If you are ready to focus on your financial planning, the Tulsa financial planning experts at Anchor Financial Group are ready to assist you. As a Veteran-owned brokerage firm, we always look out for the best interest of our clients. Please call us at (918) 591-2880 to get started or Contact Us and a friendly member of our staff will reach out to you promptly. We look forward to assisting you in achieving your financial goals in Tulsa.

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