What Is a Whole Life Insurance Policy?

When people have others, who depend on them, leaving them in the lurch after their death is not an option. The responsible action is to get a life insurance policy to protect everyone who may depend on your income. But what kind of life insurance policy should you try? One of the main types, whole life, is a popular choice for people of every demographic. If you’re interested in one of these policies, call us at Aussie Agencies in Knoxville, IA to talk with an agent. 

Whole Life

This type of insurance policy is called a whole life policy because once you take out a policy, it’s yours for the rest of your life. As long as you make your premium payments, it can’t be canceled by the insurance carrier. Many people like this type of policy for precisely this- they know it will be there for them for life. With premiums being paid, this coverage can last for decades, and the cost for premiums stays the same. Getting a policy when you’re older can be extremely expensive. However, you can lock in a lower rate by getting the policy earlier in life. 

The Cash Value

Another strong selling point is its cash value that builds up over time. This gives you ownership over some of the money that your policy makes in investments and interest so that you can borrow against it when you need to. This can help you to cover serious financial problems if they occur later.

Call Us Today

If you’re ready for a whole life insurance policy, call us today at Aussie Agencies in Knoxville, IA to find out more and make your appointment with an insurance agent who can walk you through the entire process.