3 Reasons to Buy a Whole Life Insurance Policy!

Life insurance has become a common service and numerous individuals purchased it. Amongst life insurance, whole life insurance policy is one of the most appreciated types and we present you 3 reasons to buy it:

young-couple-tips1)     To protect your investments and secure an income replacement for your designated beneficiaries. Financial insecurity was constant in the near past years and fear for a total economic collapse determined many people to review their investments and seek for effective ways for saving money. Whole life insurance provides excellent lifetime protection and the benefits are generous.

Although it is not compulsory, life insurance has become essential for almost all estate planning. Collecting the insurance money after the death of the insured is in many cases the only way the remaining beneficiaries can pay for mortgage, bank loans and other debts and utilities.  Whole life provides tax-free death benefits and everything you save will grow with a certain interest and will be given at the right time to the people you choose.

2)     To make sure that your children will benefit of the best education.  It is true that are some governmental college savings plans, but they have certain limitations and can be used for specific purposes.  Furthermore, if your kid drops college or changes its college to a foreign one, those funds become unavailable, meaning that everything you have saved was in vain.  Instead, whole life insurance can be used to cover college tuition and everything related to education.

3)     To make sure that the family will be able to pay your funeral expenses. Paying a funeral is certainly a suddenly financial burden and it can be very stressing.  The family will have to spend several thousands of dollars from its budget, a sum that can destabilize the budget and all plans for a long term. Whole life insurance usually includes a final expense insurance and you decide how much of your saved money will be diverted to funeral costs.

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