Whole Life Insurance
Whole Life Insurance Information
Whole Life Insurance - North Carolina
Serving Wilmington, Shallotte, Lexington, and surrounding communities.
Whole life insurance, also known as ordinary life or straight life, falls in the cash value category of life insurance. Universal life, variable life, and endowment policies are also in this category. The premiums of whole life insurance are fixed at the age you buy your policy and do not change as you get older. As long as you pay the monthly premium, your beneficiaries receive a payout upon your death. Whole life insurance is different from a term life insurance policy, which provides protection for a specified period of time.
Sheally Insurance Group agents can tailor a whole life insurance policy to protect your family and safeguard their financial future. Contact our agency to get started!
What are the benefits of whole life insurance?
Whole life insurance doubles as both comprehensive coverage and an investment tool. Many of these policies invest part of your premium to allow your policy to accrue cash value. You can save these additional funds as part of the death benefit payout. Or, you can withdraw funds to support big life events, such as buying a new home or sending a child to college.
Additional Coverage Options to Consider
There are additional options for those looking for less coverage or those on a budget. Accidental death insurance, for example, only provides compensation if the policyholder’s death is due to an accident. This policy is typically cheaper than a whole or term life insurance policy. An accelerated death benefit provides advance cash compensation if the policyholder is diagnosed with a terminal illness. For policyholders that fall critically ill, disabled or injured, a waiver of premium rider is available, which allows the policyholder to waive premium payments on their life insurance policy. Some term life insurance policies also come with term conversion which allows you to switch a term life insurance policy to a whole or universal life insurance policy.
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Life insurance doesn’t have to be complicated. Contact Sheally Insurance Group to discuss and obtain quotes for your best options.
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How much life insurance do I need?
Everyone’s needs are different, and the amount of life insurance you need depends in part on how many beneficiaries you have. On average, insurance professionals recommend that you carry anywhere between ten to fifteen times your income.
TOGETHER IS BETTER
It's true! You can save money by bundling a life insurance policy with other coverages you need like a homeowners insurance or auto policy.