With so many different types of insurance
out there, it can often be difficult to determine which policy best suits your
needs. Depending on your current
financial situation, as well as your future financial goals, different plans
meet different needs. If you are starting out with a young family, term life
insurance may suit your financial situation and goals. If you are in a stable financial position and
you are interested in combining life insurance and investments, then you need
to know that whole life insurance is a good investment product for savers!
What is whole life insurance? Whole life
insurance is an insurance policy that protects you for your entire life. Unlike
term life insurance, which covers for a specific range of time, 10 or 20 years
for example, a whole life insurance policy covers you for life. This means that
you are protected for your entire life, without having to worry about
renegotiating after your term life insurance policy has expired.
Even better, whole life insurance is not
just important as a life insurance plan – it is also a great way to invest and
save money for your future! Whole life
insurance is a good investment product for savers because it carries a cash
value, is a safe investment vehicle, and because it carries important tax
benefits!
Carries a Value and Can Be Borrowed
Against: A whole life insurance policy carries a cash value, and you can use
this cash to borrow against. The cash value of your insurance policy can be
taken out and used as a loan for other expenses. Also convenient is the fact that
you can pay it back in a number of different ways, for example, making regular
payments or letting the interest accumulate and having the amount owing
subtracted from the benefit paid out in the end, whichever option works for
you.
Safe Investment: As an investment, a whole
life insurance policy is also an effective vehicle by which to accumulate
wealth and generate value for your future financial needs. Whole life insurance
policies are designed to be low maintenance. The accumulated cash value is invested
in a diversified investment pool which is managed by professionals, meaning
little to no involvement is required by you. Safe and secure, whole life
insurance policies are designed to meet your investment AND insurance needs.
Tax Deduction: If you choose not to
withdraw the cash that accumulates, the value of the investment will grow tax
free. If you wait and only draw the cash once you retire, you will most likely
be in a lower tax bracket than before you retired, and thus will have the
chance to keep more of your money!
These three major reasons why whole life
insurance is a good investment product for savers should help you to determine,
firstly, what it is you want to gain from your insurance policy, and secondly,
how your insurance policy can work for you.
For more information about how whole
life term insurance is a good investment product, or to discuss what insurance
policy will suit your current needs, please contact Gary Mandel at Independent Financial Concepts Group at
416-849-1653 or visit www.wecoveryou.ca.
My wife and I are expecting a child in the near future so getting life insurance is something I have strongly been considering. I know it is important to have because if anything were to happen to me its important for my wife to be taken care of. I've been looking at life insurance quotes but I was having a hard time deciding whether whole or term was for me. The information about borrowing against the policy and the tax information really helped me out!
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