If you’re in the market for a life insurance policy, you may wonder which type you should choose. There are two main kinds of this insurance, and one of those is called whole life. This is a type that comes with several important benefits as well as its own drawbacks. When you need life insurance, just give us a call at MultiSurance in New Orleans, LA.
Whole Life
This type of life insurance covers you for your whole life. That means that it won’t expire at a certain date as other policies do. It stays good for as long as you keep up the premium payments. No matter how old you get, the policy will still be in effect. This is one of the benefits that make this type of policy popular. If you were to get a term policy instead, it would only be good for a certain number of years and then expire. With whole life, you get the peace of mind of knowing that you don’t have to worry about it expiring and leaving you without coverage.
Builds a Cash Value
Another important benefit of this policy is that it will slowly build up a cash value over the years. When your premiums are paid, the insurance company invests them to make its profits. A small portion of those profits go into your cash value. When this amount has built up to a significant amount, it can come in handy for a financial emergency. You can borrow against that amount when you need to. The amount is then paid back like any other loan. If you pass away before it’s paid back, the remaining amount is simply deducted from the death benefit.
Get Whole Life Insurance
If you want a whole life policy to protect your family, call us today at MultiSurance in New Orleans, LA.
