How Whole Life Insurance Works

When you want to leave some financial protection behind after you’re gone, you need a life insurance policy. These pay a death benefit to the beneficiaries that can help protect them against financial problems.

There are a couple of types of life insurance that you can choose from. You might choose a term life policy, or you may choose a whole life policy. Whole life policies are popular for a number of reasons, and you may find that this is the best type for your needs. When you need life insurance, contact us at Brittany Olson Insurance Agency LLC in Cloquet, MN.

Life-Long Coverage

One reason that this type of insurance is so popular is that your policy will last for the rest of your life. No matter what age you reach, the policy will stay good. The other main type of life insurance, term life, is only good for a certain number of years, and then you have to get a new policy. But with whole life, you can keep the policy for as long as you live. You’ll never have to apply for a new policy. Many people appreciate that their policy won’t expire and that they don’t have to worry about being uninsured. 

Cash Value

Another reason for the popularity of whole life is that the policies build a cash value. As the years pass, there is a value that builds up into a significant amount of money. The policyholder can then borrow that amount if they run into financial problems. This is a feature that gives many people peace of mind in knowing that it’s there if they ever need it. 

Get Life Insurance Today

If you’re looking for a life insurance policy, you can call us at Brittany Olson Insurance Agency LLC in Cloquet, MN to get started.