(PRWEB) January 17, 2014
Whole life insurance is a permanent plan that guarantees a death benefit in exchange for regular premium payments. Since it is permanent, a whole life insurance policy doesn’t expire. Whole life insurance features a savings component that builds cash value. The insured can use the money saved in the policy’s account to cover urgent financial needs. Whole life insurance has many features and can be used in multiple ways.
The policy’s account builds regular cash value by investing a part of the money paid as premiums. The generated interest will help the amount grow. The insured can withdraw money from the account, tax-free, but under certain conditions. First, the policy states a waiting period of about 5 to 10 years before the insured can withdraw the cash value. And lastly, in order to withdraw money tax-free, the amount has to be lower that the policy’s coverage.
Whole life insurance plans can provide many benefits for families. It is best used to financially secure the future of financial dependent family members like children. The policy will pay a death benefit after the insured dies. This benefit can be used by the surviving family members to cover important expenses like funerals, mortgage loans, college tuition costs and other daily living expenses.
“Whole life insurance combines two important features into one policy: a savings account and life coverage. A policy will protect family members and at the same time, generate a cash income,” said Russell Rabichev, Marketing Director of Internet Marketing Company and Lifeinsurancebyrussell.com.
Lifeinsurancebyrussell.com is an online provider of life, home, health, and auto insurance quotes. It is unique in that this website does not simply stick to one kind of insurance carrier, but brings the clients the best deals from many different online insurance carriers. This way, clients have offers from multiple carriers all in one place, this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information, please visit http://www.lifeinsurancebyrussell.com.