If you don’t have life insurance, you may worry about the future of your family. And, you may have good reason to worry. It can be financially devastating to have a wage-earner pass away without any life insurance left behind. That’s why it’s so important to get a life insurance policy, and a whole life policy is a good choice. If you’re interested in one of these policies, contact us at Hanneken Insurance Agency Inc. in Little Falls, MN.
An Insurance Policy for Life
As the name suggests, who life insurance is there for the rest of your life or your "whole" life. While term life insurance is only good for a specific number of years, whole life policies have no expiration dates. Keep paying the premiums and your policy will be there for your family after you pass away. This guaranteed coverage under the policy is perfect for giving you better peace of mind about the future. Once you sign up, keep paying for it and the company cannot cancel the policy.
Building a Cash Value
Another thing that is advantageous about whole life policies is that they will build up a cash value over the years. The longer you have the policy, the more the cash value will be. It generally starts a few years into the policy, and it grows over time. This amount is a small portion of the number of profits the company receives from investing in your premiums. Once you have a cash value, you can borrow against it if you have a financial emergency and need access to the funds.
Get Whole Life Coverage
If you don’t have any life insurance, it’s important to get a policy as quickly as you can. Contact us today at Hanneken Insurance Agency Inc. in Little Falls, MN.