Whole Life Insurance

Whole Life Insurance, also called permanent life insurance, is designed to last your lifetime. That means your family and beneficiaries are covered for the duration of your life*. In addition to providing financial protection, whole life policies build cash value which allows you an opportunity to build your wealth.

Some things to know about whole life insurance:

When Would I Need Whole Life Insurance?

In your 30s and 40s: While a term life plan can be a great place to start for life insurance protection, the best approach is often a blend of term and permanent life insurance that provides lifelong coverage and builds cash value. Whole life insurance can be used to cover the same expenses as term like funeral costs, income replacement and mortgage protection, for example. Straub Insurance can guide you in deciding when to choose whole life instead of term and how much to purchase.

50s and up: At this stage of life, you may have entered the “sandwich generation meaning you might care for elderly parents while financially supporting college students or young-adult children. Inadequate protection could put both groups of family members at risk. At the same time, retirement savings might not stretch as far as expected after factoring in taxes, inflation and less-than-stellar investment returns. With a whole life policy you can borrow against your policy cash value as well as use it to supplement your income during your retirement years. Talk to Straub Insurance about how whole life fits into your overall financial plan.