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| Whole Life Insurance, particularly the kind that pays dividends, is one of best kinds of life insurance for creating cash values. |
| 2. | You choose how to spend those dividends. |
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| They can be taken in a variety of ways..as a cash benefit, to reduce future premiums or to increase the insurance benefit amount. |
| 3. | You can borrow from yourself! |
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| You can tap into their cash values while living, often without paying taxes, and use the money for any purpose they choose. |
| 4. | You'll have more to spend in retirement. |
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| Having whole life insurance can increase your spendable retirement assets by 20% or more, because it is a more efficient way to ensure a legacy to your heirs, without tying up your retirement assets. |
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| Whole life insurance will provide benefits for your entire life, and does not end after some predetermined term. |
| 6. | Most creditors can't get at your benefits. |
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| Life insurance benefits are protected from claims of creditors in most states. |
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| Yes, death benefits are generally received income tax free! |
| 8. | You have something to show for it. |
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| Unlike term insurance or certain types of Universal Life, Whole Life Insurance provides cash values or other options (called "Non Forfeiture Options") that give you either money or death benefits as a reward for having paid the higher premiums. |
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| Your whole life policy can be used as collateral. Or you can borrow from the cash values in the policy at much more favorable rates than most banks. |
| 10. | Own your own business? |
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| If you are looking for ways to retain good employees, whole life insurance can be used to fund many important benefit programs that can help. |
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| While it might seem like term insurance is a "better deal" in the short term, it is only true if you die prematurely! If you die at life expectancy or later, Whole Life insurance will be the better choice. |
| 12. | Disability protection. |
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| Many whole life policies offer disability waiver benefits, and they pay your premiums for you if you become disabled! |
If your company offers life insurance, it's a great place to start to get protection for family and loved ones. Many companies offer you the opportunity to select the benefits you choose to get through the workplace, typically beginning in September and continuing to the end of the year, so now is a good time to consider enrolling in life insurance on the job.
