Whole Life Insurance Options in Maryland Greater Baltimore Region — Whole Life to provide you with needed consistency.

Mountain View Insurance – Whole Life Insurance

Whole Life insurance provides a permanent life insurance solution for your needs. A properly designed whole life insurance policy will last the remainder of your life. This is opposed to term insurance which only lasts for a decade or two. Whole Life also has the benefits of building a cash value portion of the policy just like universal life insurance. If you enjoy consistency and creating a foundation that will last – then whole life insurance may be for you. We have included a few frequently asked questions below.

Whole Life Insurance – How Much Is Enough?

This ultimately depends upon your need. Consider having enough death benefit coverage to pay off any debts first and foremost. After this then consider including 10 times your annual income in the death benefit. We often forget that if we pass away our ability to earn income goes away forever. You can protect this through a properly structure whole life insurance policy.

Whole Life Insurance – Is it Permanent?

Whole life insurance is a permanent solution for your life insurance. It is usually structure to last until age 120 which is considered “permanent”. Remember that the policy will be permanent only if it is funded according to the initial illustration agreement. This is why it is important to consult a professional to review the illustrations together.

Whole Life Insurance – What are the Advantages of Cash Value in the Policy?

Cash value can be a huge advantage if structured properly. Whole Life insurance provides a portion of the policy dedicated to accumulating cash over time. You can leverage that cash at different stages of the policy. You can access it through the form of a withdrawal, loan, or surrender. Each have distinct advantages and disadvantages. One of the most powerful aspects of having cash value is the ability to take it in the form of a tax-free income source in retirement. It is not technically income because it is taken in the form of a loan. There are other things to consider within this idea – but it is often used by business owners and high-net worth clients.

If you would like to speak with our professionals please call us at (410) 262-3176 or fill out the form below.