Whole Life Insurance
Whole life insurance is a form of cash value insurance that can provide life-long protection for you and security for your beneficiaries. In any cash value policy, there are some common features:
- You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums.
- If you need to stop paying premiums, you can use the cash value to continue your current insurance protection for a specified time.
- You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit.
Whole life is the most common form of cash value life insurance. The premiums generally remain constant over the life of the policy and must be paid periodically in the amount indicated in the policy.
You should consider a whole life insurance policy if you want to:
- accumulate cash value for a child's education.
- accumulate cash value for retirement.
- protect business interests or provide benefits to key employees.
- provide a death benefit to a charitable institution.
- reduce estate taxes by using a last-survivor option.
OneAmerica companies can help with whole life insurance options for you and your family.