Whole Life Insurance
Common Features of Whole Life Insurance Plans
- Life insurance coverage is provided for the whole life of the insured beginning at the time the policy is issued.
- The premium amount is partially based on the age of the insured when the policy is issued so premiums are lowest at the youngest issue ages. Once the premium amount is determined at issue, it remains level throughout the duration of the policy unless the policy owner makes changes to the policy.
- Premiums are generally required for the total duration of the policy.
- Whole life insurance policies include guaranteed cash values that usually increase annually. The cash value is available to the policy owner through policy loans or at surrender of the policy. If the policy owner is unable to maintain premium payments, the cash value may be designated to pay premiums until the value is exhausted. Taking loans against the cash value, either as lump sums or to maintain premiums, decreases the death benefit. However, loans may be repaid which restores the death benefit. Surrender terminates the policy.
- Whole life insurance policies may be participating policies and eligible for dividends declared as a partial return of premium. However, dividends are not guaranteed.
- The death benefit is usually paid tax-free to beneficiaries and avoids probate.
- Whole life insurance can be appropriate for insurance needs that continue or grow throughout life such as final expenses, ongoing needs of dependents, repayment of very long-term debt, or legacies.
Woman’s Life Insurance Society® Offers Four Whole Life Insurance Plans
- Intuitions® Whole Life Insurance
- Intuitions® Single Premium Whole Life Insurance
- Intuitions® 20 Pay Whole Life Insurance
- Intuitions® LPU Select Limited Payment Whole Life Insurance
For more information, request a free, no obligation needs analysis with a Woman’s Life representative.