A basic whole life policy offers:
- Coverage for your whole life (as long as premiums are timely made, your policy will not expire)
- Level premiums that won’t increase
- A guaranteed death benefit that won’t decrease (unless cash value has been withdrawn and not repaid at time of death)
- The potential to build cash value over time
- The living benefit of cash value. Any cash value that may accumulate in your policy can be withdrawn or borrowed against and used for any purpose (important note: any outstanding loans or partial withdrawals that aren’t paid back will reduce your policy’s death benefit)
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