Insuring Texas Families and Their Future
Pat Carson Insurance Whole Life Insurance Insuring Texas Families and Their Future

WHOLE LIFE INSURANCE

Whole life insurance gives death protection for as long as you live. The most common type is called straight life or ordinary life insurance, for which you pay the same premiums for as long as you live.

Think of a whole life insurance policy as providing permanent protection, like home ownership. Home ownership provides security and the opportunity for accumulation of wealth, whereas renting (comparable to term life insurance) may be cheaper initially, but there is no equity or opportunity for "growing" your estate.

Whole life insurance policies are more expensive initially, although part of your premium is invested. You benefit from a "cash-build up" value. Sometimes this cash value is used to offset the premium. Any earnings that are gained are not taxed while the policy is in effect.

Generally, the annual premiums (payments) for a whole life policy remain the same throughout the life of the insured individual. During the early years of the policy, the premiums are higher than those of a straight term life policy. As time passes, the level premium, combined with a build-up of cash values, tends to keep whole life policies in force.

Probate expenses and delays can be avoided in settling an insurance estate when the policy is payable to a named beneficiary. It is also important to note that life insurance proceeds are generally income tax free and depending upon the state you live, favorably treated in terms of inheritance tax.

Pat Carson Insurance will help you evaluate your personal situation to deterimine the policy type that is appropriate for your unique situation.

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