Most people need life insurance to cover their final expenses and to help those who depended on the insured. It could be important to your family’s financial future to become insured and stay insured. That’s where a whole life policy comes in. If you’re interested in a policy, call us at Fida Insurance Group in Monroe, CT to talk to an agent.
Whole Life Coverage
This type of policy is referred to as "whole life" because it keeps you insured for the rest of your life. If you keep paying the premiums as agreed, your policy can’t be canceled by the insurance company. When you die and are insured by this policy, your beneficiaries will have the death benefit amount as stipulated in your contract.
As you continue paying your premiums, your insurance policy will build a cash value. This value is a part of your premiums that is invested. As the cash value grows, you can borrow it against your death benefit. With this arrangement, the amount that you borrow is deducted from the death benefit if you should die before repaying the borrowed funds. If you die without any of this amount being borrowed, your beneficiaries get the death benefit- not the accrued cash value.
The cash value that you can borrow is one of the biggest selling points of the whole life policy. It will be there in case you have a sudden financial need such as an accident, layoffs, college expenses, etc.
Get Your Whole Life Policy
If you are interested in a whole life policy, call us at Fida Insurance Group in Monroe, CT to learn more about how these policies work. Make an appointment to talk with an agent about how a whole life policy could benefit you and your family.