A Whole Life Policy pays you even during your lifetime with cash value and dividends.
We get them every month; those statements that remind us that we’ve got student loans or had some other emergency that took a credit card to pay for. What I often forget is that I have a savings account of sorts, that I have been paying into for a number of years, building cash value that I could have used instead.
Since I was just about to graduate from high school I have been paying premiums on a Whole Life policy that has built cash value and earned dividends over the years. I’m not going to say how old that policy is now, but the cash value is nearly enough to help put one of my children through a year of college. The cash value growing in my life insurance policy are more than just to benefit my family upon my death, I can use them in my lifetime.
I, like many people tended to forget that when my family was growing and we had an emergency here or there, I could borrow from myself to pay for life’s little mishaps. Instead, out came a plastic card, complete with high interest rates and more debt. My financial health suffered as we took care of the emergency, when I could have had the peace of mind of a low interest policy loan. I’ve learned a lot since then.
Now that I know more about my whole life policy and pay attention to it’s growth as a part of my financial portfolio, I realize that I have something of value I can count on not only when emergencies happen, but to meet other needs as well. I can help my children meet their college expenses, or when the time comes I can supplement my retirement income. The cash value in my whole life insurance policy continues to grow tax deferred as long as I continue to pay my premiums.
The other benefit is the dividends. Every year I get a statement reminding me that I have accumulated dividends, which I can either use to pay my policy loans and interest, buy more insurance, or withdraw to use for myself. There are many other benefits to a whole life policy, too. It truly is a one of the cornerstones of my financial plan.
Call your AC Financial Adviser at (800) 564-3136 to make sure you are getting the most benefit of your whole life policy.
