These are all just a few questions you might have when you hear the term “life insurance paid-off”.
What’s the overall benefit of paid-up whole life insurance? Is my whole life insurance policy have an option for paid-off?
Paid-off whole life insurance could be defined as a life insurance policy which is fully paid, remains in force but you don’t have to pay any more premiums. Whole-Life insurance policies for the entire life of the insured person offer life insurance coverage. The premiums are high and the death benefit (the amount received by your beneficiaries after your death) is guaranteed as long as you continue to pay the premiums. The cash value increases over time depending on the premiums you pay. You are entitled to some of that cash value if you surrender the policy.
Life insurance is a complicated issue that offers several options for people at different stages in life. If you want to keep your life insurance policy in force, converting to paid-off status may be right for you, but you simply cannot afford to make regular premium payments. You can rest assured that if the worst happens, your beneficiaries will still receive a portion of the death benefit.
You can find out about your options and make an informed choice by working with an experienced and qualified financial advisor or life insurance agent. We have experts and professionals that will help you and will guide you to choose best options and opportunities for you and your loved ones.