Whole Life Insurance
Whole life insurance is a long-term, large policy that is beneficial to many individuals and families.
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What Does Whole
Whole life policies last a lifetime—from the moment you purchase it to the moment you pass away, you will be covered.
What exactly is covered? When you purchase a whole life insurance policy, you are coming into a contractual agreement with the insurance policy provider—you agree to pay a monthly premium fee, and they agree to offer a payout when you as the policyholder pass away.
This payout is referred to as a death benefit. For whole life insurance, this death benefit can range from $200,000 to more than $1 million. The policyholder will choose beneficiaries to receive and use this payout for things like mortgages, outstanding debts, charitable gifts, inheritances, and anything you choose.
Whole life policies also include a cash value component. This is an investment system that provides money to the policyholder while they are still living, rather than just the death benefit.
There are many benefits of whole life insurance for many individuals and families. These policies are one of the most reliable, stable life insurance policies available. When you purchase a policy, as long as you keep up with your minimum payments, your policy is guaranteed to last your lifetime.
Unlike other policies like term life, you also have a cash value component. If you want the flexibility and control for more potential growth, you can opt for a universal whole life policy. If you are looking for a policy with consistent growth, you can choose traditional whole life.
Get the Best Insurance Help with BIM
Whether you’re ready to purchase a policy but don’t know where to start, or still need help choosing a policy that works for you, BIM can help. Call today at (732) 458-5000.