Some people don’t know the difference between Term and Whole (Permanent) Life Insurance. But even those who do are amazed when we tell them these attributes of the already remarkable saving-earning-available-multi-use insurance.
1. Whole Life Insurance is tax-free vs. tax deferred. You can take withdrawals – whenever you need to – of cash value up to the paid premiums income tax free. You can borrow against the cash value of the policy and maintain tax-free treatment. (You know that investment earnings and 401ks, SEPs, etc. are subject to income tax.)
2. Your Whole Life Insurance is creditor proof in many states including Illinois. Nobody but the owner and the beneficiaries can touch what you’ve paid in, what those payments have earned and the death and/or Long Term Care benefits your policy provides.
3. There’s a Waiver of Premium in case of disability. The benefits of the policy are self-fulfilling in case of the disability of the owner.
There are a few other benefits you might not know. And we’d love to tell you about them.
I’m on a mission to make sure every woman has her own life insurance policy. Terry Savage, financial advisor is, too. You can see her advice at www.tcwmag.com.
We’ll be glad to discuss plans for any woman who asks. Any guy, too. Just ask.
You might be surprised at the benefits Whole Life Insurance has for you.
PS: If you haven’t done it, please ask your US Reps and Senators to support House and Senate bills to retain Health Insurance Advisors.