When you are shopping for life insurance, there are a number of different kinds. One of the most popular of these is the whole life policy. This policy is run very differently from a term life policy, and it comes with a number of helpful advantages. If you want to know more about whole life insurance or other types of life insurance policies, give us a call today at JC Demo Insurance Group in Matthews, NC.
Whole life insurance got its name from the amount of time the policy lasts. It will last for the rest of your life as long as you pay the premiums as agreed. This is very different from the set term that governs a term life insurance policy. With term insurance, you would have to try to renew your insurance, for a higher rate, after the term is over.
One of the reasons that this type of insurance is so popular is that it builds up a cash value over time. Some of the money that you pay into the policy is invested, and your policy can earn a portion of the profits. This allows you to borrow the full cash value amount if you need to. This is especially helpful to have if you run into financial trouble and need a loan quickly. The amount that you borrow is paid back like any other loan. If you pass away before the loan is paid off, your death benefit will be lowered by that amount.
Get Your Life Insurance Policy
It’s important for those around you that you have a good life insurance policy that will pay out a death benefit to your beneficiaries. To learn more about them, give us a call now at JC Demo Insurance Group in Matthews, NC.