What is Whole Life Insurance Policy Quotes|Farmers Insurance Agent Qts:
What is Whole Life Insurance?
- In general, there are two types of life insurance policies: term and permanent. Term life runs for a specific number of years (usually up to 30).
- Permanent life insurance can run your entire life. Whole life through AIG Direct is a type of permanent insurance and can cover you for a lifetime.
- Whole life insurance through AIG Direct has fixed premiums for the life of the policy. Unlike term life, this type of policy accrues cash value over time.
- A portion of each premium you pay becomes part of this cash value. The money accumulates on a tax-deferred basis.
- The cash value is money that is available to you, subject to policy terms. You can receive some or all of the policy’s cash surrender value if you partially or fully surrender it. You can even borrow against the cash value.
- Because you would be borrowing against the value in your policy, there aren’t the same types of restrictions and credit checks that other types of loans can have.
- The interest rate can be more favorable too. Just keep in mind that if you borrow against the cash value, you should consider repaying it.
- Otherwise, your loved ones will have a reduced death benefit if you die since unpaid loan balances are deducted from death proceeds. Also, early in the policy life there might be very little or no cash value.
Contact a Farmers agent to learn more about whole life insurance:
#1- Lifetime coverage is guaranteed provided premiums are paid per the terms of the contract.
#2- Policy loans and withdrawals will reduce cash surrender value and death benefit. Policy loans are subject to interest charges. If your policy is a modified endowment contract, loans and withdrawals may be subject to taxes and penalties
#3- Distributions from a life insurance policy in the character of partial surrenders (withdrawals) up to basis or policy loans will generally be income tax free, provided the policy does not violate Modified Endowment Contract (MEC) guidelines and the policy is not terminated during the lifetime of the insured.
MEC guidelines are rules in the Internal Revenue Code which specify maximum premiums that can be paid without triggering adverse tax consequences for withdrawals. A policy termination during the life of the insured can cause the owner a single taxable event for any gains in the policy that were borrowed or withdrawn on or before the termination date.
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#4- For informational purposes only. In general, partial withdrawals from a permanent life insurance policy in excess of the policy’s basis are taxable, and limited circumstances exist where death proceeds will be taxable. Neither Farmers New World Life Insurance Company, its employees nor its Agents provide legal or tax advice.
Always consult your own attorney, accountant or tax adviser as to the legal, financial or tax consequences and advice on any particular transaction.
#5- Customers qualifying for the Farmers Customer Discount may receive up to a 6% discount on the base premium rate per thousand. Contact your agent for more details.
#6- ICC11-2011-123 or applicable state variation. Farmers Graded Death Benefit Whole Life Insurance policy. Limited death benefit during the first two policy years.
#7- The death benefit is guaranteed according to the terms of the contract and provided that premiums are paid.
#8- Policy form 1995-112 or applicable state variation. (Farmers Premier Endowment at age 100 – IN and PA.)
Whole life insurance quotes:-
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- Whole Life Insurance | Farm Bureau Financial Services
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