With many employers offering reduced benefit packages, it is no longer a sure thing to have life insurance in Wichita KS, as part of those benefits. This means the individual will need to spend some time looking into various coverage options. Here are some reasons why investing in a whole life policy makes sense.
A Policy for a Lifetime
The nice thing about whole life insurance in Wichita KS, is that it does not expire after an agreed upon term. As long as the covered party continues to make the payments on time, the policy will stay in effect for as long as the individual remains alive. This is not true with all forms of life coverage.
Building Cash Value
With whole life plans, there is the chance to build cash value as the years pass. The cash value can be used as an asset for obtaining a loan. At times, the policy provider will lend the money needed, using the cash value of the plan as the collateral. If the borrower should pass away before the loan is settled in full, the remaining balance is settled from the policy benefits and the rest is forwarded to the beneficiary named in the policy.
Security for Loved Ones
The whole point of having life insurance is so that loved ones who are left behind have the financial resources needed to carry on. The proceeds from the policy can be used to settle end of life expenses, provide income to settle credit card debt, or just to provide living expenses for the surviving spouse and children. With the right amount of coverage, it is possible to relax and know that the family will have what it needs to keep going. For people who do not have life insurance plans in place, today is the day to call the team at the Andy Woodward Insurance Agency. By sitting down with an agent and going over the options for coverage, it will be possible to settle on a policy amount and begin paying the premiums. In less time than the policyholder thinks, the plan will build cash value and serve as an asset for the rest of his or her life.
