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Empower Financial Group

7430 U.S. Hwy 42 #105
Florence, KY 41042

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How Whole Life Insurance Policies Work

When there are people who are dependent on you, it’s important to protect them by having a life insurance policy. There are two main types of this insurance, and each works very differently from the other. Term life is one of the types. This one comes with an expiration date that renders an end to the coverage. The other type is whole life insurance. This has many benefits that make it a popular way to protect families. When you want to know more about this insurance, call us at Empower Financial Group in Florence, KY. 

No Expiration Date

When you get a term life insurance policy, there’s no expiration date as there is with a term life policy. It’s called whole life because that’s how long it lasts. It will never expire as long as you continue making the policy payments. If you continue paying for it, the company can’t cancel the policy, even if you are quite elderly. Many people choose a whole life policy for this reason. It can give them peace of mind just in case the worst happens. 

Cash Value

Another big draw for this type of insurance is the cash value that accrues with the policy. This builds up as the years go on. When you first start the policy, it won’t have this value. But slowly, it will accrue until it’s a good amount you can borrow if you ever need to. This can be a helpful way to get assistance if there should ever be a financial emergency. This is a popular feature of these policies. 

Get Whole Life Insurance

When it’s time to get a life insurance policy, call us at Empower Financial Group in Florence, KY.  

   

Four things that might surprise you about life insurance

You need life insurance to protect your family’s financial future. Empower Financial Group is a life insurance provider. You can rely on us for life insurance if you’re a consumer in Florence, KY. 

Before you buy a policy, you should learn as much as you can about life insurance.

The following are four things that might surprise you about life insurance:

You can use life insurance to accumulate savings.

If you choose whole or universal life insurance, you can enjoy both a death benefit and a savings component in your life insurance policy. Whole life and universal life insurance accumulate cash value over time so that they allow you to grow your savings. 

Taxes don’t need to be paid on money your beneficiaries get from your policy’s death benefit. 

Life insurance offers tax benefits. That’s because beneficiaries don’t have to pay any taxes on the money they get from a death benefit on a life insurance policy. 

There are many types of life insurance coverage available.

When you buy life insurance, you need to decide which type of life insurance to buy. There are quite a few different types of life insurance available. 

You could choose term life insurance if you’re looking for a policy with lower premium costs that will only cover you for a limited period of time. You could also choose whole life or universal life insurance. Make sure you know what these different types of life insurance are before you decide on a policy type. 

It’s possible to get life insurance without a medical exam.

Medical exams are typically required before consumers can buy life insurance. However, this is not always the case. Some life insurance providers offer no medical exam policies. 

Reach Out To Us

Get a quote on life insurance in Florence, KY from Empower Financial Group. We’re here to help you find life insurance to ensure the financial security of your family.