The agents of Express Financial & Insurance Services are able to explain all of the benefits of a whole life policy to their customers living in the Santa Monica, CA area. Your whole life insurance policy has many benefits that you may not be aware of. Talking to your agent will help you learn what your policy can do and how you can benefit from having it long before your family actually uses it.
The Benefits of Whole Life
A whole life insurance policy is meant to provide for your family if the unthinkable happens. The monthly premiums are higher because there is no termination date. Since you don’t know when you will need to use it, the money is put into an account, first to make sure the cash value of the policy is reached and second, to establish a cash value. At the time of your death, the cash value of the policy is paid out to your family to ensure they are taken care of.
Protecting Your Family
Once your policy begins to establish cash value or equity, you may be able to borrow against it if an emergency occurs. The money you borrow is treated in the same way as a loan using the policy as collateral. Just like a loan, the money must be paid back in a timely manner.
Santa Monica, CA residents can visit the agents of Express Financial & Insurance Services if they are interested in learning more about the benefits of having a whole life policy. Schedule a meeting at your earliest convenience to see if you can benefit from purchasing a whole life policy.