What are important thing to know about Whole Life Insurance and Whole Life Insurance Banking?
Whole Life Insurance coverage cannot be revoked, reduced or cancelled except in cases of non-payment or fraud. This makes whole life insurance appealing and a safe investment because it provides a degree of certainty. The best advantages of whole life insurance are:
- Protection for life – It wont expire or go down in value. Ever.
- Level Premiums – The rate you pay for your policy will never increase. Which makes it SAFE
- Cash Value – A portion of your premium builds cash value which can be borrowed against.
- Guaranteed Death Benefit – The amount your loved ones receive is guaranteed. Your investing in yourself, while taking care of your loved ones in the process.
Cash value (Life Insurance Banking) - Unlike the death benefit, is one you can use while you’re are alive to borrow against or use to reduce possibly even eliminate, premiums down the road. The cash value of a whole life policy accumulates at a tax advantage basis, which means the amount you have already paid in is TAX FREE
Tax free means this type of policy is the payment of dividends by many insurers. Dividends are generally taxed as gains; in the case of life insurance, however, the IRS treats dividends as a return of premium and they are not taxable.
The cash value of your policy is special in other ways; it can be borrowed against or from the insurer, or used as collateral for a third party loan. Cash value is also shielded from creditors by virtue of the fact that the insurance is ultimately intended to benefit someone other than you — and that protection extends to the cash accumulated in the policy.
For all other questions or for more information on Whole Life Insurance Banking visit https://www.becomethebanker.org
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