In this episode Glenn Leest and Erin Lockward cover the basics of Cash Value (Whole Life) Insurance products.
Whole/Cash Value Life Insurance Policies
1. Life Insurance Coverage for entire life
o Life Insurance coverage lasts for whole life
o Premiums are higher to start, but don’t increase over time
o Don’t have to re qualify
o Health can decline, but premiums don’t change.
o Term Coverage – Have to re qualify at the end of each term period
o Premiums usually increase over time and eventually isn't affordable due to age.
2. Cash Value accumulation
o Any premium more than insurance cost goes into cash value
o Yield on cash value is usually tied to treasury rates 1-2% Currently
o Can access cash value through a few different methods:
3. Living Benefits/Riders – Depends on each company and policy but are usually:
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