Whole Life Insurance

Whole Life Insurance Jacksonville

Perhaps you've been considering a switch to permanent life insurance. Whole life insurance Jacksonville can provide the protection you and your family need in the event you are no longer around, but with a monthly accumulation of cash for the duration of the policy. Like other forms of life insurance, whole life has a specified death benefit but it differs from term life insurance in that a portion of the monthly premiums goes into a cash value account. Growth within the account is tax-deferred and you can borrow against the policy as needed. Plus, you never have to renew a whole life insurance policy.

Affordable Permanent Life Insurance

If you need coverage that provides permanent protection, whole life insurance Jacksonville is the answer. As long as the premiums are paid, it will always outlast you and offers several benefits including:

  • Lifetime Protection. With a whole life or permanent life insurance policy, coverage is provided for as long as you live. Unlike term insurance, it will remain in force as long as the premiums are paid.
  • Guaranteed Death Benefit. Similar to term life insurance, a whole life policy provides lifelong protection and a guaranteed death benefit. Unlike temporary insurance policies, whole life does not have term limits.
  • Tax Deferred Growth. The cash value of a whole life insurance Jacksonville policy builds up each month and you do not have to pay current income taxes on the growth in cash value, as it is tax-deferred.
  • Accumulated Cash Withdrawals. If you have whole life insurance Jacksonville, borrowing from the cash value of the policy is tax free up to the amount of the policy premiums that have already been paid.
  • Level Insurance Premiums. The amount of whole life premiums paid when you are younger is greater than the cost of purchasing term life insurance. However, once you are older the monthly premium will be less than term insurance.
  • Tax-Free Death Benefit. A great benefit of whole life permanent insurance is the ability to accumulate cash value on a tax-deferred basis. As long as the policy is in effect and has not lapsed, the death benefit paid to beneficiaries is tax free.

Fixed Premiums with Cash Value Accumulation

Term life is a temporary insurance that has no build up of cash value. Although it offers a cheap source of life insurance when you are younger, it is unlikely that your beneficiaries will ever receive a payout. Whole life insurance Jacksonville caters to your long-term needs by offering fixed premiums and cash value accumulation. As long as the premiums are paid, the policy remains in effect until the insured's death. Loans can be taken against the cash value without having to pay income taxes but, if the policy lapses or is surrendered, the loan balance is considered to be a distribution of taxable income. In addition, any withdrawals reduce the cash value as well as the current death benefit.

We make getting affordable whole life insurance easier. Call to ask us how! 1-877-957-3487

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