article : The Whole Truth About Whole Life
Some say that buying your home is the biggest financial transaction of your life. But when it comes to protecting, increasing, utilizing and maximizing your wealth, your whole life insurance policy might be the most important.
However, whole life insurance, as with most of your important financial transactions, tends to be complicated. With a multitude of companies, products and advisors, not to mention well meaning family and friends, all thinking they know what's best for you, it becomes difficult to determine fact from fiction, myth from truth.
To start, here's a simple summary: A Cash Value or Permanent Life insurance policy pays out benefits upon the death of the policyholder tax free. AND the policy's savings or cash value increases during the policy-holders lifetime. Additional benefits include: the cash value does not incur any income or capital gains tax while it grows; you may borrow against the cash value from the insurance company, as a loan; and, in time, you may use the cash value to pay the policy premiums.
Sounds rather straight-forward, doesn't it? Reasonable. Concise. Pretty impressive, too. Yet, many people, who are not even professionals in the life insurance industry get caught in confusion. We are here to cut the confusion. Whole Life insurance is the best vehicle for your money. Typically, when people think of the product, the first thing that comes to mind is the death benefit. Really though, Whole Life insurance offers much more than just a death benefit - it offers living benefits too. Whole Life insurance has been used by wealthy families as a method to sustain and preserve their money for over one hundred years. Life insurance is also one of the only financial products protected from the government and Wall Street. Find out the truth about whole life.
Here at Paradigm Life, we are concerned that more and more financial planners really aren't offering their clients financial plans, at all. They are more like glorified salesmen, usually, of mutual funds! To be fair, the same can often be said about life insurance salesmen. In fact, deserved or not, they probably have an even greater stigma, among the general public. Read this article to understand the whole truth about whole life insurance.