Choosing a whole life insurance policy lets you enjoy a great deal of benefits as compared to other life insurance policies. If you are concerned about long-term goals and want to make sure you can afford your future payments comfortably, you must not wait to acquire your whole life insurance quotes. Whole life insurance does not just focus on offering death benefit to your loved ones, but also features numerous living benefits. Below are 10 reasons to get your free whole life insurance quotes online right now.
1. WHOLE LIFE INSURANCE INSTANT QUOTE OFFERS LIFELONG COVERAGE
The mere name of the policy suggests that whole life insurances are meant to offer financial protection for your entire lifetime, unlike term life policies that offer protection only for a particular time period. Apart from that, paying policy premiums works as indirect savings allowing you to use the accrued money later.
2. LEVEL PREMIUMS
All other types of insurance policies except whole life plans come with premiums that usually increase over time to manage the high cost of providing coverage for older policyholders. Whereas with whole life plans, the carriers average the lifetime premiums and require you to pay a fixed, predictable amount every time, thereby making it easier to budget things.
3. INCREASING CASH VALUE
Cash value is the most significant elements of whole life insurance policies. What it means is that the premiums you pay for the insurance are collected in a cash balance that can be used by you when you are still alive. Even if you plan to stop paying your premiums, your insurance is still going to be worth something. On the other hand, with term life insurance policies, you get something in return for the premiums you pay only upon a death. No matter, what the status of the stock market, the cash value of your policy will keep growing at a fixed rate. In a nutshell, you build a cash value with your policy over the years without being subject to market declines.
4. ADDITIONAL SOURCE OF FUNDS
Your whole life insurance policy also works as an additional financial resource and can help fund certain expenses or your financial obligations. Instead of penalizing you for using your policy money before reaching the age of 59.5, a whole life insurance lets you use the available cash value whenever you need and later pay it back with the accrued interest. However, the cash value is reduced by your outstanding loan amount.
5. GREAT FLEXIBILITY WITH PREMIUMS
In the future, if you choose to stop paying your premiums, the accrual nature of the policy premiums offers a great deal of flexibility. You are allowed to borrow against the cash value, but may need to wait for a certain period to be eligible for the same in a number of states. You can also stop paying new premiums or stretch the current premiums and collected cash value for a reduced benefit coverage.
You can get dividends from the company when you have a participating whole life insurance policy. However, the dividends are not guaranteed – they are only offered when your insurer has favorable mortality rates, huge savings on expenses or excess investment earnings. It’s your choice how the dividends are used and you can go for cash payments, reduce your premiums or pay for additional insurance.
7. TAX DEFERRALS
Whole life insurances are associated with several tax benefits. The interest growth in whole life policies is tax-deferred as well as the dividends you receive are just like a return on premiums if you have a basic participating whole life insurance policy. You pay your insurance premiums with after-tax money and the cash value then increases without taxation. The only case you would be taxed is when your withdrawals from the insurance are more than what you paid. Plus, the interests gathered on the dividends are also going to be tax deferred.
8. CERTAIN DEATH BENEFIT
As long as the insurance policy is active, the beneficiaries will receive a guaranteed death benefit regardless of when the insured dies. The policy is considered not surrendered and the payments are assumed to be continued. Whereas, in case of term insurance policies, the family receives the death benefit only if the insured dies within the duration covered.
9. OPTION TO BORROW AGAINST YOUR POLICY
You can borrow money against the cash value of your policy in case of urgent need. For example, if at any point in time, you find that you need to pay for your child’s education or need to meet a sudden expense, you can rely on your whole life insurance to help you with the same. Of course, you are required to pay interest to the company on this loan, but the interest rates are much less than regular bank interest rates on home equity lines. In fact, the loan can be repaid when the insured dies by subtracting it from the death benefit. Also, borrowing against the insurance policy is a tax-free affair. This allows people younger than 59.5 years of age to get income for an early retirement without paying huge penalties or taxes.
10. MONEY EXEMPT FROM CREDITORS
One thing that would make whole life policies even more appealing to the wealthy insurance buyers is that all or a large share of the money in the policy in some states is exempt from creditors. Even if you are sued, the insurance money is considered as protected because it is actually meant to benefit not you but someone else, i.e. the beneficiary.
At the end of the day, the chief motive behind any insurance policy is to offer financial security to your family when you die. However, before you decide to buy a policy and get your instant whole life insurance quotes online, make sure you get an in-depth understanding of the features and benefits of each policy.
Acquire your instant whole life insurance quote by calling Pacific Insurance Group today and speaking to our experts at (425) 246-4222 or get an instant online quote on our website without the need to share any of your sensitive personal information.
TOP REASONS TO GET ONLINE LIFE INSURANCE QUOTES
Every individual longs to have a sense of security in his or her life. This is particularly true to married people, or those who are the breadwinner in the family. With life insurance, you will be more confident about leaving something behind to your loved ones in the event of your passing. After all, the last thing you want is for your family to worry about maintaining the same lifestyle if they have relied on you for financial support.
If you’re looking to buy life insurance, getting quotes online is the best way to go. Here are some reasons why shopping around for a life insurance policy is easier when you do it over the internet.
1. Choose from the rates offered by several insurance agencies.
With just a few clicks of mouse, you can find yourself surrounded by a wealth of information on the internet. This is why you should take advantage of what modern technology has to offer by requesting for life insurance quotes online. Simply fill out the online forms with required details, submit these, and get responses from agents in seconds. From there, you can begin comparing quotes and analyzing the terms offered by each agent.
2. By-pass the tedious task of meeting with agents in person.
For those who have a hectic schedule, the last thing they want to deal with is to drive around and have a face-to-face meeting with an agent. Even if your goal is to just ask for a quote, there’s a possibility that meeting in person with an agent could lead to an uncomfortable sales pitch. You can avoid this, along with the drama of leaving the comfort of your home, by asking for multiple quotes online.
3. Focus on the basics before getting into complex requirements
Some people end up having to go through a medical exam when they request for a quote since agents require potential clients to undergo this process before providing an accurate quote. This is not only time-consuming, but it leads to unnecessary expenses at the same time. If you get your quotes online, you can proceed to your medical exam after you’ve made a decision on which policy works for you.
With the ease and convenience of receiving an online quote for your life insurance policy, it’s not surprising that many people choose this over the conventional way of meeting with agents. So, maximize your time and obtain multiple quotes online that will guide you in making a smart decision.