What is Whole Life Insurance?
Posted on August 29, 2022 By agentinsure
When you want to help your loved ones after you are gone and to leave a legacy for them, it’s important to have life insurance. It would be best if you had life insurance to provide for their needs instead of leaving them in financial distress. When you get a whole life insurance policy, there are many benefits of this type of life insurance. Many people choose this type for its many advantages. If you are interested in whole life insurance or other types of insurance in Gainesville and Cleveland, GA, call us today at Chastain Agency LLC to speak with an agent.
Your Whole Life
Whole life got its name from the period that the policy is good- your whole life. If you keep paying the agreed premiums, your policy can’t be canceled, not even by the insurance company that issued the policy. Many people like these policies because there is no expiration date as with other types of life insurance. This gives you peace of mind when you know you’re covered for as long as you live.
Borrow Against It
When you have a whole life policy, the policy begins to build up its cash value after a few years. When a cash value is established for your policy, you will be able to borrow against that amount. If you were to pass away before repaying the loan, the loan amount you owe would be deducted from the policy’s death benefit. The loan is paid just like any other loan. This can be extremely handy if you ever run into financial trouble.
Get a Whole Life Policy
If you want to protect your loved ones with life insurance in Gainesville and Cleveland, GA, call us at Chastain Agency LLC to find out more and get your policy.