Whole life insurance is a type of permanent life insurance policy which is guaranteed to remain in force for the insured’s entire life. Below, we’ll look at the pros and cons of whole life insurance to help you determine if this type of insurance is right for you.
Pros of whole life insurance
1. Permanent coverage
Whole life’s defining characteristic is perhaps its most influential benefit, meaning that this type of coverage lasts throughout your entire life, guaranteeing that it can one day be used.
2. Borrowing power
Whole life insurance accrues cash value over time on a tax-deferred basis. This money is available for the insured to borrow or withdraw from.
3. Fixed premiums
Whole Life Insurance typically oﬀers fixed premiums meaning that they remain the same for as long as the owner lives, providing a predictable cost of coverage.
Because of features like permanent coverage, guaranteed payout and borrowing ability, whole life insurance can sometimes be more expensive than term life insurance.
The investment growth of a whole life insurance policy is typically smaller than that of more traditional investment options. However, while the gains may be small, they are also not subject to stock market losses.
The variety of options and flexibility can make whole life insurance a little diﬀicult for consumers to understand.
So, is whole life insurance a good fit for you? A whole life insurance policy may be a good fit if:
Get a personalized whole life insurance quote by speaking with a licensed agent at 888-428-8870.
 Source: http://www.investopedia.com/articles/personal-finance/082114/6-ways-capture-cash- value-life-insurance.asp?lgl=myfinance-layout
 Source: http://www.dfs.ny.gov/consumer/que_top10/que_life_who.htm
 Source: http://www.investopedia.com/terms/g/guaranteeddeathbenefit.asp
 Source: https://www.nerdwallet.com/blog/insurance/whole-life-insurance-good-investment- strategy/
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Policies issued by: American General Life Insurance Company (AGL), Policy Forms: ICC15-15532, 15532, 15532-5, 15532-10. Rider Numbers: ICC15-15200, ICC15-15201, 15200, 15200-10, 15200-35, 15201, 15201-9, 15201-10 and 15201-35except in New York where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Number: 15532N. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG).
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