Whole Life Insurance Quotes Specialists
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Whole life insurance builds cash value
Planning your financial future may include assessing your insurance needs. This is because life insurance especially whole life insurance may have a significant role in the process of building up your assets.
Why is whole life insurance an asset?
The logic behind whole life insurance being an asset is the fact that you may use your whole life insurance policy as collateral in applying for a home mortgage. Additionally, because your whole life insurance builds up cash value, once you have accumulated enough cash value, you may use these cash value to pay the down payment of your dream home.
Whole life insurance is an asset because it is considered solid cash not just because it builds up cash value because it is solid cash when the payor dies.
Whole life insurance is also an asset because you can use the cash value for purchasing assets as well.
Your whole life insurance performed double in your acquisition of your dream home. It is collateral and it is where you got your down payment.
Get Whole Life insurance quotes to start your business
Cash value accumulation also helps other families start their own business. Some huge and reputable companies start their capital from cash value accumulations.
This is because it is solid cash even while you are still alive, you can use it as a start up capital. Thus, your whole life insurance performs not just as an asset build up tool but also an investment for your family’s future.
Cash value to pay off future premiums
Should you not need your cash value to accumulate assets, you may also use your cash value as reserve for future premiums. Thus, you are sure that your policy will never lapse due to non-payment of premiums.
Cash value is guaranteed in a whole life insurance policy
Because cash value is guaranteed, its build up is guaranteed as well. This is because truly, part of your premium is being returned to you in the form of cash value.
Cash value accumulation on a whole life insurance is not dependent on the investments made by your insurance company, thus there is no risk of loosing your cash value.
There is further that possibility of earning dividends, but this is not written in stone, thus, only think of your cash value as guaranteed.
Cash value on your whole life insurance may affect your death benefit
However, I may need to point out at this time that accessing your cash value may affect your death benefit. Thus, you need to ensure you will not drain the fund in your cash value.
There are cases that because of excessive usage of your cash value, when you die during the existence of your loan against your cash value, you family will end up nothing because your loan ate up all your reserve. You should avoid this.
Adding coverage may be beneficial if you plan to use a portion of your cash value, thus you ensure your family will get enough death benefit should you pass on.
Finally, it may be worth it to mention that because the premium payments on a whole life insurance stay the same for the entire duration of your whole life insurance, you may be able to ensure diligent payments of your premiums. This will assure you that you will not lapse your policy due to non-payment of premiums.
Budgeting and planning your future may make a good turn if you diligently watch you insurance and its cash value build up as an asset build up for your family’s future needs.