What Is Whole Life Insurance?

When you need life insurance, there are different policy types to choose from. Whole life is a popular insurance type that has a number of important advantages. If you want to be covered by life insurance, give us a call today at Old Pueblo Insurance in Oro Valley, AZ.

Insurance for Your Whole Life

When you want to get a life insurance policy, you have the choice between insurance that lasts for a specific amount of time, such as 20 years and insurance that doesn’t expire. Whole life insurance never expires as long as you keep paying for it as agreed. This insurance can’t be canceled because of your age or because of any health problems you may develop if you keep paying the premiums. Not even the insurance company can cancel it on you. Therefore, it lasts your whole life. 

Building Value

With whole insurance, it will begin to build up a cash value after several years of paying the premiums. A small part of the amount of money that the company makes by investing in your premiums adds up into a cash value that your policy will have. Then, you are able to borrow against that amount when needed. Having a financial emergency is frightening enough without having any idea how you will handle it. When your insurance policy has a cash value, you can borrow that amount and then pay it back like any other type of loan. If the insured person dies before the full loan is paid back, that amount is taken from the death benefit to satisfy the loan. 

Get Your Life Insurance

If you want life insurance, whole life is a type that many people appreciate. To get started, give us a call at Old Pueblo Insurance in Oro Valley, AZ to find out more.