Florida Whole Life Insurance
Florida whole life insurance provides coverage for the life of the insured, as long as the premiums have been paid. Whole life is the most common type of permanent life insurance policy. It offers both a death benefit and a savings component called “cash value.”
Types of Florida Whole Life Insurance
Traditional Whole Life Insurance – policy gives you a guaranteed minimum rate of return on your cash value portion.
Interest Sensitive Whole Life Insurance – policy gives a variable rate on your cash value portion. A lot like an adjustable-rate mortgage. With interest-sensitive whole life insurance, you have more flexibility with your life insurance policy. You may be able to increase your death benefit without raising your premiums depending on the economy and the rate of return on your cash value.
Single-premium Whole Life Insurance – is for someone who has a large sum of money and would like to purchase a policy up front. As with other whole life insurance options, single-premium whole life insurance accrues cash value and has the same tax shelter on returns.
Advantages of Whole Life Insurance
- Most of the time, the premium and death benefit stay constant for the duration of the policy.
- Whole life builds cash value and can serve as a source of emergency funds. You may be able to take out a loan against the policy.
- The savings component, interest may accumulate on a tax-deferred basis.
- Whole life insurance is paid out to a beneficiary(s) upon the policyholder’s death, provided that the premium payments were maintained.
- Unless you make a change to your policy, you have lifelong coverage with no future medical exams.
Disadvantages of Whole Life Insurance
Although it allows the policyholder to accumulate wealth and use these savings during the course of their life, as far as returns go, whole life insurance is not the best choice.
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