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Whole Life Insurance

Permanent life insurance protection plus
accumulation of cash values to help meet
your lifetime financial goals.

Whole Life Insurance

A whole life policy is the foundation of a well structured financial plan due to the security and guarantees that they afford.  If purchased at a young age, a whole life policy is actually cheaper over the long-term than a term policy.  The death benefit paid to your beneficiary will be tax-free income to them under current taxation - this unique feature helps maintain your families standard of living.  As long as the premiums are paid, your whole life policy can have a guaranteed level premium, a level or increasing death benefit, and also earn a cash value that grows on a tax-deferred basis.  These cash values can then be used as personal loans that are too tax-free to you under current taxation laws.  The values that accumulate with a whole life policy can be used for just about any purpose you like including:

  • education expenses for your children
  • emergency needs
  • starting a business or a new career
  • wealth transfer
  • business needs - buy/sell agreements
  • charitable giving
  • supplemental retirement income

In addition, with most policies you have the option to stop paying premiums without having the policy lapse.  This reduced paid-up option will keep your accrued benefit in force at a given time for the remainder of your life.

 

Optional Riders

You also have the ability to design your whole life policy with the coverage that best fits current needs.  Adding any of these additional riders will both increase your coverage levels and give your policy added benefits.

  • disability income rider - provides a monthly benefit if you become totally disabled.
  • children's term - provides dependent children with term protection.
  • critical illness - pays a lump sum benefit upon first-diagnosis of a covered condition in addition to the death benefit.
  • waiver of premium - premiums are waived if you become disable due to an illness and are unable to work.
  • accelerated benefits - allows for an advance of the death benefit if diagnosed with a terminal illness or requires permanent care in a nursing facility (long-term care coverage).
  • paid-up-additions - uses the earned dividends to purchase additional insurance which increases both the cash value and death benefit on the policy.