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Life insurance can do more than provide a death benefit for your beneficiaries. Choosing a life insurance policy with a cash-value account can also help you save money for retirement or create an investment account.
Better Investing in Columbia, SC
We offer various life insurance options at Michael Taylor Agency, including whole life insurance with a cash value account attached. These whole life plans provide a death benefit just like our other life insurance options but also help you save money in a tax-free savings account.
Some of these accounts pay interest, while others use an index, such as Standard & Poor’s, to determine quarterly or annual earnings. Many cash-value accounts take two or three years to vest, during which time you can’t borrow against the account. Once vested, you can borrow against the cash value portion of the life policy or, in some cases, withdraw from it.
Advantages of Life Insurance with a Cash Value Account
The premiums for these whole-life policies cost a little more each month than those for a term-life policy. The premium payment pays for the policy and a small monthly deposit to the savings account. The main advantages of this method of saving include the money’s tax-free status and the ease of bundling two payments – life insurance and savings deposit – into one payment.
Get Started Saving Today
Contact Michael Taylor Agency, serving Columbia, SC, and the surrounding communities. Let us help you set up a life insurance plan that also provides for your retirement. Call us today.
