Whole Life Insurace
Whole Life Insurance Whole life insurance offers a unique combination of guaranteed death benefit protection, guaranteed cash value accumulation, and guaranteed level premiums over a lifetime. Plus, generally available tax advantages that provide an effective and powerful financial resource, such as: Income tax-free death benefit to a beneficiary Tax deferred cash value growth Tax favored policy loans and withdrawals from cash value Features and Options Guaranteed, Single Premium or Fixed Level Premiums Premiums are guaranteed not to increase even as you grow older or your health declines. The premium you pay today will be the same premium you pay in later years. Guaranteed, Lifetime Coverage When you purchase a whole life policy, you are helping to ensure insurance protection for your entire life. As long as premiums are paid and policy loans do not exceed the total cash value, your coverage cannot be terminated, even if you become uninsurable later in life. Guaranteed, Tax-Deferred Cash Value Accumulation Your policy is designed to gradually build cash value each year on a tax deferred basis. During your lifetime, the cash value can be accessed as a policy loan to help fund a major purchase, supplement your retirement income, or simply in times of emergency or a special need. Accessing your cash value will, however, reduce your death benefit. Policy Dividends Your policy may earn a dividend that can be used in the following ways: Paid-Up Additions This option allows you to increase insurance coverage by purchasing additional “paid-up” insurance. Out of Pocket Premium Reduction This option allows you to use any dividend to reduce your out of pocket premium. Dividend Accumulation This option allows you to leave any dividend you earn with Lafayette Life to earn interest. Cash This option allows you to receive a check in the amount of any declared dividend. Tailored Policy to Meet Your Needs Everyone is different and therefore has different needs. That’s why Life insurance has created several supplemental riders that can be added to your policy to help meet those needs. Adding a rider to your policy may require additional premium.