What Is Whole Life Insurance?

If you have a family, you likely want to have some life insurance. It’s important to have a way for your loved ones to pay your final expenses as well as to handle the loss of your income. Many people choose to get a whole life policy for its many benefits. If you are interested in life insurance, give us a call today at Goodman Insurance, Inc., in Shelton, CT.

Term and Whole Life

Both term life and whole life are helpful to those who want insurance protection, but term life is only good for one specific term, or time period, and whole life is good for the rest of your life. It’s called whole life because that’s how long it can last. If you keep up with paying the premiums, the policy cannot be canceled- not even by the insurance company that issued the policy. Many people like that they won’t have to reapply after a term is over and that they can keep the policy no matter how old they get. 

Cash Value

Another important advantage to getting a whole life policy is that it will build a cash value over time. Policyholders can borrow against the amount of the policy’s cash values when they need to. This can help protect you against a financial emergency that requires a quick influx of cash. It takes a few years for the policy to start building up its cash value, but when it does, it continues to grow. Once you borrow against that amount, you pay it back just like any other loan. If you are to pass away before the amount is paid back, that amount is simply deducted from the death benefit.

Get Whole Life Insurance

If you are interested in a whole life policy, call us at Goodman Insurance, Inc., in Shelton, CT.