When choosing the right life insurance, you must first consider which type is best for your needs. One of those types is whole life insurance. Whole life insurance is a type of permanent life insurance that provides coverage for your entire life as long as the premium amounts are paid. Whole life insurance accrues a cash value when a portion of your premiums are invested.
Our insurance advisors at Baldo-Downs Insurance LLC serving Tuscaloosa, AL could work with you in figuring out if this policy is right for you.
Examine your situation right now
When first deciding if a whole life policy is for me, you must look at your situation right now. Whole life insurance may be more expensive than term life insurance, but it does last your entire life. You may be a parent with a disabled child and want the security of knowing that he or she will receive the death benefit as long as you meet the premiums. You might want to consider the state of your health and your age. Would term life insurance be enough if you’re not in the best health or if you’re older?
You Need a Cash Value Life Insurance Policy
You may be trying to save for retirement. In that case, whole life insurance does come with a cash value feature that does grow throughout your policy. However, financial advisors do recommend turning to 401Ks or individual retirement accounts (IRAs) when saving for retirement. But if you maxed out your contributions, your whole life insurance can be redeemed.
Contact Us Today
If you’re an Alabama resident trying to save up for retirement or make sure your beneficiaries are financially secured when you’re gone, a whole life policy might be best for you. Contact our team of insurance experts at Baldo-Downs Insurance LLC to schedule an appointment in Tuscaloosa, AL concerning whether this policy is what you need.
