Whole Life Insurance

Permanent peace of mind, guaranteed protection

WHAT IS IT?
In the insurance world, whole life is the total package. A type of permanent life insurance, its coverage provides life-long protection. A whole life policy runs for one extensive term: your life.

FIXED PREMIUMS
The amount you pay into whole life policies never increases-a convenient and stable feature that puts your mind at ease. Every payment you make throughout your life will be the same. If you're young, healthy, and can afford it, start contributing now - your physical well-being will have you paying a lower fixed premium. And, since changing market forces have no impact on your contributions, you can ensure from the onset your plan will be manageable and effective.

GUARANTEED DEATH BENEFIT
A policy designed to protect you over a long period of time, whole life insurance promises payout upon the insured's passing. Plus, naming a beneficiary ensures funds transferred are tax free. It's a plan insuring a definite event, so funds are assured to be there when your loved ones need them.

CASH VALUE-GETTING OUT WHAT YOU PUT IN
During the early years of whole life, a portion of your premium is set aside in a reserve within the permanent policy. Over the years as reserve funds grow, you can start using this money to help pay for the cost of the insurance. Known as cash value, this feature allows you to do more with your insurance policy. If you're in need of cash, you can borrow funds against the policy reserve. Additionally, using the cash to purchase annuities becomes a great source of retirement income when the life insurance protection is no longer needed.

Choosing a life insurance policy that best reflects your wishes can be a challenging task. At Rice Financial, we'll help you define your legacy. For more information about whole life insurance and other investment and insurance products, visit your Rice Financial advisor.