Whole Life Insurance Death Benefit

updated December 12th, 2019

You can’t avoid death and taxes, but this product can help!

There are many reasons to purchase whole life insurance, which is why so many consumers turn their attention to this type of policy when they find themselves in the market for coverage.

While every benefit is well worth discussing, it’s essential to focus a lot of your attention on one detail in particular: whole life insurance death benefit (Guaranteed Benefit) 

With other types of life insurance, such as term life, this isn’t something that comes into play. But with whole life insurance, it’s what you’ll get.

Why Is Whole Life Insurance Death Benefit Important?

You may be wondering why a guaranteed death benefit on life insurance is so important. You may also have questions about what exactly this can do for you.

Soon you will see why we say it helps with the only guaranteed things in life death and taxes.

Here are some of the many reasons why whole life insurance death benefit is a big deal:

Legacy From Day One

Are you interested in leaving money behind to your heirs, such as your children?

With whole life insurance, you know that this will happen. As long as you pay your premium in full and on time, the death benefit is guaranteed.

This is how this product helps with Death…

This gives you peace of mind from the day that you purchase the policy. Also, it leaves your other assets so you can use them in your lifetime. And use life insurance to create a legacy.

Whole Life Insurance Death Transfers Money Tax Free

With other forms of investments, transferring money after your death can result in a hefty tax bill. Taxes on death doesn’t come into play with whole life insurance (or any life insurance). If you want a way to leave money behind tax-free, this is a good place to start.

This is how whole life help with Taxes…

This is probably one of the single most important aspects that get overlooked by all of us. Also, getting your benefit tax free is simple, and it doesn’t require complicated tax or estate planning.

Whole Life Insurance Death Benefit Is Guaranteed To Never Decrease

When purchasing a policy, you will decide as to how much of a death benefit you require. From there, no matter what happens, your death benefit will remain the same. All you have to do is pay your premium.

With a guaranteed death benefit, you plan much easier.

Whole Life Insurance Death Benefit Grows

Did you know that your death benefit has the potential to grow with the cash value and divided performance?

Most likely, if you picked one of our top whole life policies, then your death benefit will increase in the long run.

You’ll pay your regular premium, as scheduled, and let the policy do the rest of the work. There is no guarantee that your death benefit will increase, but the potential is there – all the while knowing it will never decrease.

So, there you have it. If you have ever wondered why a guaranteed death benefit is such a big deal, you don’t have to concern yourself with this any longer.

You now have a clear idea of what this can do for you.

Guaranteed Universal Life A Strong Alternative

If you cannot afford a whole life insurance policy, then a guaranteed universal life policy may be a good fit for you.

This type of policy will give you permanent death benefit, with a reliable guarantee. Not only is the death benefit guaranteed, but also the premiums are much lower.

The way this policy works is that you can pick a specific age guarantee, and your plan will be guaranteed until that age. Most standard policies will have a death benefit guarantee until age 100 or 110.

See how much your policy would cost?

You have to be careful because most of the death benefit guarantees come with a risk. You shouldn’t access the cash value, because that will cancel the death benefit guarantees.

A Guaranteed Universal Life policy is one of the best permanent life insurance policies if you are not looking for cash value.

If you want to read more about universal life policies, check these articles: Universal Life, Indexed Universal Life.

Final Word

Whole Life has a guaranteed death benefit that you can’t ever outlive. The only thing left at this point is to compare whole life insurance companies, request quotes for coverage, and make a decision based on your findings.

Once your policy is active, you’ll rest easy knowing that you have a guaranteed death benefit in place.

You can pick a GUL or a Whole Life, but either way, you will get a death benefit that is guaranteed… and it’s tax-free to your heirs.

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