Straight life insurance

QUICK LINKS

• What is “straight” life (or whole life)
• How does it work?
• Is it right for me?

Life insurance protects families and loved ones.

Life insurance protects the lifestyle of your family if you’re no longer there. The benefits can cover a mortgage, children’s higher education, and other ongoing living expenses.  So your family can continue to do the things you always wanted them to do. The right policy can remove the extra financial burden on your family during a particularly difficult time. 

Does it matter when I purchase whole life insurance?

Since life insurance premiums are based, in part, on your age, your rates for coverage will probably never be lower than they are right now. So, if you want to lock in the lowest possible rates—and never have to worry about them going up in the future—the sooner you act, the better off you’ll be.

Is a straight life annuity similar to life insurance?

No. Annuities are products designed to provide a stream of income while you are still alive. They are used as a retirement vehicle to give retirees a guaranteed 1 and steady income in their golden years. There is usually no extra benefit paid to your family after you pass. The term “straight life annuity” is rarely used within the insurance industry anymore. 

How does 'straight' life (or whole life) insurance work?

Whole life (which is the same as “straight” life) offers lifetime protection. Once you agree to a policy and purchase it, you’re set. Most of the time, you’ll need to take a medical exam to qualify. After that, your premiums are locked in and never increase.  All you must do is continue to pay the premiums. 

Whole life policy premiums will never change

Once you agree on the policy and it goes into effect, the premiums will never go up. The younger and healthier you are when you begin your policy, the lower the guaranteed premiums will be, so it’s best to get started early.

The life insurance benefit is guaranteed and tax free

As long as you continue to pay the premiums, your life insurance benefit is guaranteed to be paid to your beneficiaries.¹ They will get a lump sum for the full coverage amount of your policy and will not owe federal income taxes on it.

Grows cash value

Cash value is an additional benefit that can help with unforeseen costs while you are still alive. It grows with each premium payment and can be used when you need it for things like medical bills, a down payment on a house, a grandchild’s college tuition, and more.²  

Is 'straight' life (or whole life) insurance right for me?

While everyone’s situation is different, whole life insurance can be a sound choice for anyone who likes to know exactly what they’re getting. That’s because this coverage offers guaranteed lifetime protection, fixed premiums, and steady, predictable cash value growth. In fact, there may be no more dependable way to protect your family’s lifestyle and future, and to make sure that you can leave them a financial legacy when you are gone. 

Of course, you don’t have to make such an important decision on your own. Our knowledgeable agents offer a free consultation and can help you build a plan to take care of you and your family, no matter what type of insurance you choose.