Whole Life insurance is a permanent insurance policy that combines two major benefits: 1. Life insurance policy that will pay to beneficiaries in case of insured’s death and 2. Cash generating account that grows in value and accumulates the interest on a cash value similar to the way banks earn their interest on the money they lend.
Whole Life insurance policy is good for someone, who wants a guaranteed Life insurance policy for their entire life; the policy, that has predetermined payments, which will never change; static death benefits limits and a money generating account. Payments for Whole Life insurance policy goes toward the death benefits and toward cash accruing value.
Whole Life insurance is one of the greatest financial vehicles, that wealthy people have been taking advantage of for decades to grow their money, because of it’s built-in savings options, tax advantages and dividends that Life insurance companies pay.
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