The money,
or cash-value in this account, accumulates interest and continues to
build until your policy is redeemed. The cash-value is included in the
death benefit paid to your beneficiaries.
Ways to
Use the Cash-Value of Your Whole Life Insurance Policy
One of the
benefits of having an insurance policy that accumulates cash-value is that
there are a couple of ways you can use that value.
1) Request
a loan from your insurance company. Whole life providers will provide you
with low-interest loans. Your policy's cash-value is the guarantee for the
loan, so if you don't pay back the amount, then the amount plus interest
will be deducted from the death benefit paid to your beneficiaries. However,
if you do pay the loan back in full, then the death benefit is not reduced.
2) Request the cash-value to be surrendered to you. Because the savings account
containing your cash-value is in your name, you can request the accumulated
funds at any time. You can request either all of the money or part of the
money to be withdrawn and given to you.
Both of
these methods can come in handy when unexpected expenses arise.
Whole life
insurance may be the perfect option for you if you are interested in saving
money and in providing financial protection for your family. However, you
shouldn't pay more than necessary for your policy. Securing the lowest possible
premiums can be tricky because there are so many factors which need to be
figured into the big picture.
We can send
you ALL of the available whole life quotes in easy-to-understand chart forms
so you can examine them in your home without being given a sales pitch by
an insurance agent.
Get
a Quote for Whole Life Insurance and receive a complete
listing of available, easy-to-compare whole life insurance quotations.
