What You Need to Know About Whole Life Insurance
When making a decision about life insurance, it is important to understand your options. These choices include: 1) Term Life Insurance and 2) Whole Life Insurance. In my latest Street Smarts with Taayla video I focus on Whole Life Insurance, as a potential option.
Whole Life Insurance is for individuals that are making long-term plans. Are you someone with foresight and a clear vision of what your future will look like? If your answer is yes, then you might want to consider the idea and benefits of whole life insurance.
What Are the Differences Between Whole Life and Term Life Insurance?
In my previous video, I explained the difference between Term Life Insurance and Whole Life Insurance. Term Life Insurance is for individuals who need insurance for a specific time frame. Whereas, Whole Life insurance is for individuals with a long-term plan to create an asset for themselves, and having and leaving behind a legacy.
Benefits of Choosing Whole Life Insurance
Picking your best insurance option is like deciding between which places you would like to live. Some may people prefer to rent, as it is a seemingly easy and inexpensive option. Whereas others may choose to make sacrifices and buy their own home. Choosing Whole Life Insurance is like buying your own home. It creates a valuable asset, that can be used as financial leverage in the future.
Client Testimonial from the Jim Pattison Group about Whole Life Insurance
The tangible benefits of Whole Life Insurance is exemplified in a testimonial from our very own, Jim Pattison. In a letter from Jim, he talks about how the cash value stored inside of his Whole Life Insurance policy, was able to help him get started with his first business.
Still wondering if Whole Life Insurance right for you? It depends! But before you make a decision, talk to your financial advisor about how Whole Life Insurance can benefit you.
Ready to Find the Best Option For You?
Get in touch with us! Contact Taayla today to learn how to choose the best insurance option for you.
Subscribe to our YouTube channel! We post new video content once a month, so don’t miss an episode and get my financial tips and tricks sent straight to your inbox.
This was a great informative post you have shared on this page about the life insurance policy but if you have a plan to purchased a life insurance policy then you must read the term and conditions of different companies also also concern this matter with the senior person because its help you in the case of emergency if you have enough money to complete the medical treatment expenses. for a comfort of life .
Thanks
Hi bernstein1959,
This was a great informative post you have shared on this page about the life insurance policy but if you have a plan to purchased a life insurance policy then you must read the term and conditions of different companies also also concern this matter with the senior person because its help you in the case of emergency if you have enough money to complete the medical treatment expenses. for a comfort of life .
Thanks
The appeal of whole life insurance is that the gains are tax-exempt (but note the caveats, see Commandment IX below). The big disadvantage, of course, is that a good chunk of the tax advantage is offset and simply arbitraged away through high fees and thus lands in the hands of insurance companies and insurance salesmen. I would argue that the only way anyone can make a case in favor of WLI is that its returns compare favorably with those in taxable accounts. Thus, if you haven’t already maxed out all other routes of tax arbitrage (401k, Health Savings Accounts, IRAs, Roth IRAs, 403b, 457 plans, etc.) Whole Life Insurance should not even be on your radar screen!
Thanks.