Whole Life Insurance

Let Pinnacle Insurance find the right Whole Life policy just for you

What is Whole Life Insurance

Whole life insurance is a type of life insurance policy that provides coverage for the entire lifetime of the insured, as long as the premiums are paid. Unlike term life insurance, which provides coverage for a specified term (e.g., 10, 20, or 30 years), whole life insurance is designed to last for the policyholder's entire life.

Key features of whole life insurance

Lifetime Coverage:

As long as the premiums are paid, the policyholder is covered for their entire life. This provides a level of financial protection for beneficiaries regardless of when the insured passes away.

Premiums:

Premiums for whole life insurance are generally higher than those for term life insurance. However, they remain level throughout the life of the policy.

Cash Value Accumulation:

One distinctive feature of whole life insurance is the accumulation of cash value over time. A portion of the premium payments goes toward a cash value account, which grows on a tax-deferred basis. Policyholders can often access this cash value through loans or withdrawals, but doing so may affect the death benefit.

Death Benefit:

The death benefit is the amount paid out to beneficiaries upon the death of the insured. This benefit is typically tax-free and is paid regardless of when the insured passes away.

Guaranteed Interest:

The cash value component usually earns a guaranteed minimum interest rate, ensuring that the cash value grows over time.

Policy Dividends:

Some whole life policies participate in the insurer's profits and pay out dividends to policyholders. These dividends can be taken in cash, used to reduce premiums, or used to purchase additional coverage.

Whole life insurance is often chosen by individuals who want lifelong coverage and are willing to pay higher premiums for the combination of insurance protection and cash value accumulation. It can be a part of long-term financial planning, providing both a death benefit and a savings or investment component.

It's important for individuals considering whole life insurance to carefully review the terms, costs, and benefits of the policy and to assess whether it aligns with their financial goals and needs. It's also recommended to consult with a financial advisor or insurance professional for personalized advice.

How to get Whole Life Insurance in Florida:

> Call: 954-306-3333
> Visit our office:

• 1515 N. University Dr., #207, Coral Springs, FL 33071

> Fill out a Quote Form online