What is Whole Life Insurance?
Whole Life Insurance in Nevada is a product that offers a wide variety of benefits. When people think about life insurance, they usually think about the death benefit and dying. Well whole life insurance not only has a death benefit that grows throughout the life of the policy, but it also has living benefits as well.
What are living benefits?
The biggest living benefit to a whole life policy is the cash value that builds as you pay the premium. As a result, the insured will gain interest on all of the premiums paid. You have the option when you set up the policy to have the interest go towards the cash value and the death benefit. There are many things that the insured can do with the cash value. If one no longer needs the policy, they will be able to surrender the policy and get the cash value paid back to them. When someone wants to keep the policy but needs some money, they will take a loan from the cash value and pay it back over time. If something were to happen to the insured then the loan amount will be deducted from the death benefit.
Universal Life Insurance
Universal life insurance is a different type of whole life policy. This type of life insurance has a death benefit that will stay level or increase as the premiums are paid. This policy has flexible premiums.The insured has the option of paying a lower premium or a higher premium. In most scenarios, people will pay somewhere in between the two to make sure the policy is funded properly.
How do I buy whole life Insurance in Nevada?
Give us a call and we will help find the best policy for your family’s needs. We do not charge anything for our services and we can shop most plans in Nevada. Let our team of skilled brokers, and native Nevadans, help you protect your family.