How To Afford Whole Life Insurance
Topics: Insurance, Lifestyle Planning
We want to set the record straight. Contrary to what you read or hear about how expensive whole life insurance can be, there are ways to make it more affordable than you think. In, this video blog we will show you how to afford whole life insurance is ways that are doable for you and your income.
While premiums typically cost more on a participating whole life insurance policy than on a term insurance policy, you are guaranteed a death benefit. There is no guarantee you will receive a death benefit with a term life insurance policy.
A whole life insurance policy is also an asset that provides you living benefits in the form of a cash value that allows you to generate wealth and create equity over time through contractually guaranteed tax-deferred growth, and potential annual dividends. You can use this accessible capital stored in your participating whole life insurance policy as a source of financing over your lifetime. So, while premiums may be higher, you receive a two-fold return on the money you put into a whole life insurance policy.
Something else to consider when you weigh the decision between the purchase of a whole life insurance policy over a term life insurance policy is your whole life insurance premiums never go up—premiums get locked in for life. However, once your term life insurance policy expires, you must renew the policy at a time where the cost of the premium will be higher, and you may very well find yourself priced out of the market.
So contrary to what you believe about participating whole life insurance premiums being too expensive for you to afford, this isn’t necessarily the case. Watch the video below where Stephen Devlin, Licensed Life Insurance Broker/Wealth Architect, explains four different ways you can afford a whole life insurance policy that won’t bust your bottom line and still give you all the benefits, including an income stream later in life.
For more information on juvenile whole life insurance policies: How To Help Your Kids Build Wealth From Birth
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