WHAT IS THE BEST TYPE OF LIFE INSURANCE?
With so many types of life insurance available in the market today, it can be difficult to determine which is the best one for you. With that in mind, the "best" policy that you can purchase is really about finding the right type of coverage for your specific needs in order to ensure that loved ones are provided for financially should you die unexpectedly.
WHAT IS WHOLE LIFE INSURANCE?
Whole life insurance is a type of permanent life insurance. Unlike a term life policy, which provides protection for a period of time, whole life insurance provides coverage for life. As long as premiums are paid, your loved ones are guaranteed2 to receive a death benefit. It also contains a growing cash value that’s available to help you cover unexpected costs. With whole life insurance, your premiums remain the same throughout your lifetime. You should also expect to pay a higher premium than you would for a term life policy.
WHOLE LIFE INSURANCE POLICIES FROM TRANSAMERICA
Quick Finance offers several types of whole life policies so you can decide which one best suits your needs. These policies include: Individual whole life insurance Group whole life insurance
IS WHOLE LIFE INSURANCE TAXABLE?
Death benefits paid from a whole life insurance policy are free from federal income tax. Although inheritances are generally subject to estate taxes, ownership of whole life insurance may be set up in a way to not pay estate tax as well as a great way to leave money to your beneficiaries that is free from federal income tax.
DOES WHOLE LIFE INSURANCE HAVE CASH VALUE?
One of the features of whole life insurance is the tax-deferred cash value that builds up over time. The longer you have the policy and pay premiums, the more your cash value builds up. Your cash value may be accessed at any time as a loan3. This loan will need to be repaid in full to keep the full death benefit amount on your policy.
GET A QUOTE FOR WHOLE LIFE INSURANCE.
For over 100 years, Transamerica has been a trusted leader in the insurance industry. It is our mission to help provide better financial tomorrows for people like you. This includes making sure that your family has the income necessary to survive in today’s economy. You never know when you’ll need life insurance. Find out if whole life insurance can provide your family with the economic stability they need.