Having proper life insurance can be just as important as having health insurance or auto insurance. You can choose between term, whole and universal life insurance in VA, all of which offer several benefits. While term life insurance might be one of the most popular choices, there are also many advantages to whole life insurance.
Whole life insurance is a wonderful way of saving some extra money. You don’t have to worry about how the stock markets perform as your cash value grows at a fixed rate. The growth of your money is guaranteed, which is great if you prefer stability and guarantees over the risks of the stock market. Furthermore, the dividends that your insurance company pays to you are not taxable. If you don’t like the aspect of not having access to the money you are putting into your IRAs and such, then whole life insurance is a great option as you have access to your cash value at any point in time without any taxes or penalties involved. If converted into an annuity, your policy’s cash value can serve as additional income during retirement. Additionally, whole life policies come with a guaranteed death benefit. The amount your beneficiaries will receive in the event something might happen to you is guaranteed. Another great aspect about whole life is that the premium you pay for your policy will never increase.
Life insurance is an important part of an insurance portfolio. If you’re in the market for life insurance in VA, keep in mind these advantages of whole life insurance.