Benefits of Whole Life Insurance in Nevada
Whole life insurance can be a very confusing thing. There are two categories within the benefits of whole life insurance in Nevada. The two categories are living benefits and death benefits. The benefit people pay attention to the most is the death benefit. The reason is because that’s the main reason we purchase life insurance. People often focus so much on the death benefit that they forget all about the living benefits.
Living Benefits of Whole Life Insurance
The biggest benefit people can see and use with whole life insurance is the cash value of their policy. Every time someone pays their premium a little bit of the money goes in to the cash value. Look at it as a bucket. The insured puts money in by paying premiums. The insurance company puts money in in the form of interest. As a result, the cash value will continue to grow throughout the life of the policy. The insured is able to take money out as a loan. Also, the insured can take the money out by surrendering the policy. If the insured takes money out as a loan, they will be required to pay that back on top of their monthly premium payments. If the insured passes away and the loan has not been repaid, the balance of the loan is taken out of the death benefit.
The Death Benefit
This is the benefit of life insurance that most people pay attention to as well as the reason people buy life insurance. The insured will have the option of a level death benefit or an increasing death benefit based off the type of policy. Most people choose the increasing death benefit when they purchase whole life. With this option the death benefit will continue to grow just like the cash value does.
Purchasing Life Insurance
When you go to purchase life insurance there are a lot of moving parts to understand. That is where we come in. We are local brokers licensed with most major companies in Nevada. We can shop plans to get you the best benefit and price. Let our team of professional brokers help protect you and your family.