If you have been looking for ways to save for the future, start thinking about leveraging life insurance as an asset class. One approach that you can take to "Building Your Own Bank" is through a Whole Life Insurance policy.
Whole life insurance is a permanent policy, which gives you guaranteed protection for your loved ones that lasts a lifetime. With whole life insurance, unlike term, you build guaranteed cash value , which you can use however you want. Participating whole life insurance is eligible to earn dividends,1 which can be used to increase the death benefit and the cash value of the policy. Or there are other options you could choose, such as using dividends to help pay premiums.
Who Should Consider Whole Life Insurance?
Whole life insurance can help protect your spouse during retirement or become a legacy for your loved ones or a favorite charity. It also provides guaranteed cash value that you can access at any time for any need, including funds to help pay for college, cash to support your business, or income in retirement. So if you have loved ones or businesses that depend on you, you should consider whole life insurance.
What are the features and benefits?
Death Benefit- Whole life ensures a guaranteed death benefit, which means that your loved ones will receive a lump sum of money regardless of how long you live.
Build Cash Value-With whole life, the policy builds cash value over time that can be used to help you pay for college, supplement your retirement income, or for emergencies.2
Opportunity to Earn Dividends-Policyowners are also eligible to receive valuable dividends. While not guaranteed, MassMutual, for example has paid dividends to eligible participating policy owners every year since 1869.
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This article is brought to you by our carrier partner, Mass Mutual.