Death is an unfortunate but inevitable part of life. And while no one likes to think about their mortality, it's important to plan for the future.
This is especially true for business owners, who need to ensure their employees are taken care of in the event of their death. One of the most effective ways to do this is to purchase a life insurance policy.
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Frequently Asked Questions
Whole life insurance is a type of life insurance employees can purchase through their employer. The insurance company pays the beneficiaries a death benefit if the employee dies while employed. Whole life insurance can provide peace of mind to employees and their families, knowing they will be taken care of financially if something happens. It can also help pay for final expenses, such as funeral costs. Many employers offer whole life insurance as an employee benefit, often included in employee benefits packages. If you are considering purchasing whole life insurance, talk to your employer to see if it is an option for you.
Whole life insurance is one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Each has different features, but whole life insurance is the original life insurance policy. Many whole life insurance policies have a "cash value" feature. This cash value grows tax-deferred. The cash value can be accessed through policy loans or withdrawals and used for major purchases, emergencies, or other needs. The policy’s beneficiaries pay the death benefit when the insured person dies. Whole life insurance policies do not expire as long as premiums are paid on time. When you buy a whole life insurance policy, you are purchasing a death benefit and an investment for your employees. Whole life insurance is one way to help your employee’s loved ones cover final expenses and pay debts if you die prematurely. A whole life insurance policy can also help pay for your employee’s child's education or support your spouse if you die before retirement. Whole life insurance is not for everyone, but if you want a permanent death benefit and the potential to build cash value, it could be the right choice for you.
Ultimately, the decision depends on your individual circumstances and needs. If you're looking for lifelong coverage and don't mind paying higher premiums, then whole life insurance may be a good option. However, if you're on a tight budget or are looking for a policy with more immediate benefits, then another type of life insurance may be a better choice.
Whole life insurance provides coverage for the insured's entire life as long as premiums are paid. On the other hand, term life insurance only provides coverage for a set period, after which the policy expires. One of the main advantages of whole life insurance is it can be used as an investment tool. The cash value of whole life policies grows over time, and policyholders can borrow against it in case of financial need. Another advantage is whole life premiums are typically more affordable than term life premiums. However, whole life policies tend to be more complex and expensive than term life policies.
At Employee Retention Benefits (ERB), we offer your employees best-in-class whole and term life insurance. If you’re a company in the greater Los Angeles County area, give us a call. We look forward to showing you the benefits of implementing our life insurance plans.