Whole life insurance and term life insurance are the two main types of life insurance. While term life insurance has its own set of benefits and drawbacks, many people find whole life policies advantageous. These policies provide numerous benefits, making them a desirable option for many families. If you are considering a whole life policy, contact us at Dalessandro Agency Inc., located in Grand Rapids, MI.
No Policy Term
Unlike term life insurance, which is only valid for a specific period, whole life policies are constant; they are valid throughout one’s lifetime. This remains true, regardless of how old the policyholder becomes. As long as you continue paying your premiums, the policy cannot be canceled. This gives the policyholder peace of mind, knowing that their coverage is consistent and they won’t age out of the policy or need to apply for a new one later.
Cash Value
A significant benefit of a whole life policy is its ability to accrue cash value over time. These policies gradually build value and continue to grow over the years. After a substantial period, the accumulated amount can be handy for policyholders in need. As a policyholder, you can also borrow against this accrued value. This financial cushion can provide further peace of mind, serving as a rescue fund in times of financial emergencies.
Obtain a Whole Life Insurance Policy in Michigan
If you’re interested in acquiring a whole life policy, don’t hesitate to contact us at Dalessandro Agency Inc. in Grand Rapids, MI.