STRAIGHT ORDINARY WHOLE LIFE INSURANCE
Permanent Life Insurance Protection Level Premiums and Guaranteed Cash Value
How Straight Whole Life Insurance Works
Straight Whole Life Insurance Provides Permanent Level Protection, Level Premiums and Cash Value Accumulation For the Life of the Policy.
Straight Whole Life Insurance,or ordinary life, provides permanent level protection with level premiums from the time the policy is issued until the insureds death. As with all whole life insurance contracts, at age 100 the policy cash value will be equal to the face amount of the contract less any loans and interest not repaid by the policy owner.
It require more premium than term life insurance policies for the same death benefit. That’s because straight whole life policies
continues to build in value the longer the policyowner keeps the policy. Straight Whole Life Insurance policies can be useful for permanent life insurance , like leaving an inheritance or paying funeral costs and their cash values can be leveraged to reduce taxes, decrease interest rate risk and smooth out volatility associated with a portfolio based retirement plan.
Is straight whole life insurance right for you?
Unlike term life insurance, buying a straight whole life is a long-term commitment. It is not a financial product that you buy and “see how it works.” Therefore it is important to understand how the straight whole life insurance fits into your overall financial plan.
Talk to a Decision Tree Financial Planner to discuss your financial plan to see if whole life is the right solution for you.