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At Freeland Insurance, we constantly remain on the lookout for insurance products that can help you better plan for your future. We can offer our Oklahoma City, OK customers an exciting option – a whole life insurance policy with a cash value savings account.
Whole Life Insurance with a Cash Value Savings Account
Some whole life policies offer a cash value account that lets you save money while paying the premiums on your life policy. The cash value account typically uses an index on the stock market to determine its annual earnings.
These policies provide the same life insurance protection as other options. Your named beneficiary or beneficiaries receive a death benefit when you die. The difference this type of policy offer comes from its utility while you’re alive.
How It Works
When you pay your premium monthly or quarterly, a percentage of the premium goes into a savings account. Some of these accounts offer a flat rate of interest earned. Others tie to a stock market index, such as the S & P, and earn at the same rate as it.
Some of the options tied to an index offer protection from loss, so you can’t lose the money you deposited into the account. You may not earn on it during a particular year, or it may only pay a flat rate, but you won’t lose the money you paid in even if the stock market does terribly.
Advantages of Cash Value Life Insurance
You can access the savings in multiple ways. These nifty policies let you borrow against them, so you can fund college for your child, buy a house, or renovate a home. You can also use this policy as collateral for a standard loan.
The cash value of the policy grows while you live. You can use it while continuing to pay premiums to keep your whole life coverage to protect the financial future of your family. Plan your family’s financial future by contacting Freeland Insurance in Oklahoma City, OK, for more information on this valuable life insurance option.