Cash Value Life Insurance Types
Cash value life insurance accumulates savings.
Through cash value life
insurance,
millions of individual life insurance policyholders have accumulated
savings while providing financial protection for their families and
businesses.
Life Insurance Companies pool the savings portion of a cash value
life insurance policy, which in turn is brought back into the
general financial economy in the form of investments.
Cash value life insurance is one of the largest thrift
institutions in America.
Other thrift institutions that parallel cash value life insurance
are; savings and loan associations, savings banks, and commercial
banks.
The
savings element of a cash value life insurance policy is present in
insured pension plans and some group cash value life insurance.
However, most of the savings of cash value policies are accumulated
in individually owned cash value policies.
Cash value life insurance premiums are higher at the beginning.
Cash value life insurance premiums are higher at the beginning than
they would be for the same amount of term life insurance. The part
of the premium of a cash value life insurance that is not used for
the cost of insurance and expenses is invested by the company and
builds up a cash value that may be used in a variety of ways. -
You may borrow against the life insurance policy's
cash value by taking a policy loan
from the cash value.
-
You can also use your cash value
life insurance to increase your
income in retirement or to help pay for needs such as a child's
tuition without canceling the life insurance policy. However, to
build up this cash value,
you must pay higher premiums in the earlier years of this type
of life insurance policy.
Cash value
life insurance
may be one of several types:
whole life,
universal life
and variable life.
All of these are types of cash value life insurance.
TermLifeAmerica.com- Lewis Fink is licensed as an insurance agent
offering Life Insurance in the following states:
Alabama - AL,
Arkansas - AR,
California - CA,
Colorado - CO,
Connecticut - CT,
Delaware - DE, District of Columbia - DC,
Florida - FL,
Georgia - GA,
Idaho - ID,
Illinois - IL,
Indiana - IN,
Iowa - IA,
Kansas - KS,
Kentucky - KY,
Louisiana - LA,
Maine - ME,
Maryland - MD,
Massachusetts - MA,
Michigan - MI,
Mississippi - MS,
Missouri - MO,
Montana - MT,
Nebraska - NE,
New Mexico - NM,
New Jersey - NJ,
New York - NY,
North Carolina - NC,
North Dakota - ND,
Ohio - OH,
Oklahoma - OK,
Pennsylvania - PA,
Rhode Island - RI,
South Carolina - SC,
South Dakota - SD,
Tennessee - TN,
Texas - TX,
Utah - UT,
Vermont - VT,
Virginia - VA, and
Wisconsin - WI.
Not all insurance
products from all insurance companies are available in all states.
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