How to Build Wealth Using Life Insurance
There are many common misconceptions about Life Insurance. Many individuals believe that if you decide it’s time to purchase life insurance, you should consider only purchasing a term policy.
National Educational Services can help you as an educator understand the benefits of a proper whole life insurance policy and then you purchase at a premium that is right for you.
When you use a life insurance policy correctly, you can create wealth that will last for generations to come. In this article, we are going to explain how this works. Please fill out the form at the end if you have any questions, and National Educational Services will be in touch.
Benefits of a Whole Life Insurance Policy
Life insurance can be confusing to many, and we understand! Listed below are some of the main benefits of a whole life insurance policy that in turn allow you to create and grow individual wealth.
Dividends Paid to Policyholders are Not Taxable
Although dividends are not guaranteed, reputable life insurance companies pay out their dividends annually. Dividends will be dependent on multiple things, but it mostly depends on the amount of profit the insurance company makes each year.
Growing Cash Value
If you have a properly structured whole life insurance policy, you will have high cash value percentages each year, which will only get larger.
Access to Funds Whenever Without Penalty
It is where a life insurance policy differs positively from a 401K or IRA. With a 401K or IRA plan, you are penalized if you withdraw funds early, whereas with a life insurance policy you can access your funds at any time.
Another great benefit to whole life insurance policies is once you purchase the premium, you are insured for life. Additionally, with many plans you can add an accelerated death benefit rider for a low f, allowing you to access more of your funds if you are diagnosed with a chronic illness.
While you have access to many benefits while you are still alive, life insurance policies allow you to leave the rest of your funds to your beneficiaries. This is how banks, large corporations, and wealthy families use life insurance policies to grow generational wealth.
Ready to Build Wealth For Your Beneficiaries? Speak with National Educational Services Today
Life insurance policies offer many advantages that other investment accounts do not have.
Investing in a life insurance policy will enable you to create and grow wealth for you and your beneficiaries, in addition to protecting you if faced with illness or death.
Reach out to a National Educational Services representative today to help decide which life insurance premium is best for you.