Understanding the Benefits of Whole Life Insurance

Both term life and whole life insurance policies are available to a wide range of customers, and whole life is a highly popular type. Both types come with their own benefits, but many prefer the benefits they get from having a whole life policy. Several important benefits might make this type of policy right for you. Contact us at Michael Taylor Agency in Columbia, SC, if you need life insurance.

Lifetime Coverage

One of the most important benefits of a whole life policy is that it covers you for your whole life. You can keep it for the rest of your life no matter how old you get. The insurance company can’t cancel the policy as long as you want to keep it and keep paying the premiums. This is a significant benefit because there is no expiration date as there is with term life insurance policies. This is a significant advantage for those who don’t want to have a policy that expires, so they need to apply for another policy later.

Cash Value

A whole life policy also benefits from having a cash value. As the years pass, this is a small amount that grows bigger and bigger until it’s a substantial amount. This is a value that you can borrow against as the policyholder. Having this value available can bring peace of mind to people who want to know they’ll have access to funds if needed. It could come in handy if there were a financial emergency after a few years of getting the policy.

Get Whole Life Insurance in South Carolina

If you’re interested in this type of life insurance, we’re here to help. Call us at Michael Taylor Agency in Columbia, SC to get started with a policy.