If you are on the market for a life insurance policy, you should definitely explore whole life insurance policies. Whole life insurance policies are one of the major types of life insurance available.
At Senn Insurance Agency, we offer a variety of different life insurance policy options. The following are three whole life insurance policy features to be aware of when you’re on the market for life insurance in O’Fallon, MO.
Whole life insurance is a permanent type of life insurance coverage.
You should choose whole life insurance if you’re looking for a permanent life insurance option. Unlike term life insurance policies, whole life insurance policies last indefinitely. They offer both a death benefit and a long-term savings option.
Whole life insurance accumulates a cash value.
If you purchase a term life insurance policy, you will get nothing back for your premiums if you outlive the policy.
However, you will get money back for the premiums you pay if you choose whole life insurance. That’s because a whole life insurance policy will accumulate cash value as time goes on.
Whole life insurance offers the opportunity for borrowing.
One great feature of a whole life insurance policy that you should be aware of is the opportunity for borrowing.
After your whole life insurance policy has accumulated cash value, you can borrow against that cash value. This makes a whole life insurance policy a great way to save and also keep cash readily available to you if you should need it.
Protect the financial future of your family with our help at Senn Insurance Agency. We can help O’Fallon, MO families to find the right life insurance option for their needs.