Whole life insurance is the best protection that you can get for your spouse and children in the case of an unexpected death. Also known as "permanent life insurance," it can also be used as an investment in certain cases.
Choosing between the many different forms of whole life insurance can be difficult. Let’s take a look at some of the characteristics that you should consider when you are looking at whole life insurance.
- Providing immediate estate – Any whole life insurance policy that you choose should immediately provide income for family members that are dependent after the death of the head of household.
- Liquidation of all debts – Good whole life insurance policies also cover things such as mortgages. They also help to liquidate both business and consumer debts so that the surviving members of the family do not have to worry about debts that they did not personally incur.
- Additional benefits – Certain whole life insurance policies will also help with college expenses or other educational or business needs.
- Funeral costs – You should look for a whole life insurance policy that covers all funeral expenses and inheritance taxes as well as federal estate taxes and administration costs that have to do with death.
- Key employee clause – Whole life insurance policies can also be used to protect businesses. For instance, a business can be indemnified through this kind of a policy if it loses a key employee. These kinds of clauses can also provide for salary continuation plans and the financing of company obligations.
Benefit Insurance Services provide whole life insurance for the people in and around Myrtle Beach, SC and the surrounding areas. When you are ready to protect your loved ones with a permanent life insurance policy that covers all benefit angles, give the dedicated experts at Benefit Insurance Services a call.