What is Whole Life Insurance?
When the unexpected happens and you or one of your loved ones passes away, will your family be able to support themselves? While none of us want to think about leaving our family behind, we all must consider it. Whole life insurance through Retirement Income Strategies is a great way to ensure that your family won’t struggle after you pass.
Whole life insurance is a policy that pays your beneficiaries a large non-taxable sum. This sum usually ranges from $100,000 to $250,000 depending on the policy, enough to support your family or pay for funeral costs.
How Does Whole Life Insurance Work?
Much like other insurance policies, you’re covered with whole life insurance as long as you pay your premiums. While premiums for life insurance can be higher than other policies like auto or home, they stay steady through your whole life. Different policies have varying options that allow you to pay your life insurance until you’re 65 or a set amount of time like 10 to 20 years.
As you pay your premium over time, the cash value builds like a savings account. You can either take out this money as needed for living expenses like retirement or save it until you pass away. If you don’t use it over your life, your beneficiaries receive a non-taxable lump sum when you pass away.
Retirement Income Strategies – Middleton, WI
One of the best parts about whole life insurance policies is that as long as you pay your premiums, you can use the savings however you wish. Retirement Income Strategies has a line of different whole life insurance policies available to suit different needs of our customers in Middleton.
With the help of a whole life insurance plan, you can feel secure that your family will be taken care of after you’re gone or that you can enjoy it during retirement. Call Retirement Income Strategies today to book a consultation about your whole life insurance policy.