When you look into different types of life insurance, you will come across the term whole life. But, what is this type of policy, and how does it work? If you are interested in a whole life policy, call us at Berks County Insurance in Reading, PA to talk with an agent about this type of life insurance coverage.
Insured for Life
One of the aspects that make whole life policies so unique is that they are good for the rest of your life. No matter how old you get, the policy can’t be canceled by the insurance company as long as you continue to pay your insurance premiums. This is a factor that gives many insured people peace of mind in knowing that their family will have the death benefit no matter how old the insured is. Many other types of insurance have age cutoffs and are good for only a specific amount of time.
A Cash Value
Another unique aspect of this insurance type is that over time it will actually build a cash value that you can tap into if needed. If you have a financial situation that requires cash fast, you can borrow against your death benefit and meet your financial obligation. When you borrow against it, the death benefit is lowered by the amount you borrowed. When you get it all paid back, the full death benefit is restored. Many people find that this cash value gives them even more peace of mind, knowing that they will have that option in the event of an emergency.
Get Your Whole Life Policy
If you need insurance to protect your family from financial hardship, contact us now at Berks County Insurance in Reading, PA to talk about the coverage you want and need.