Whole Life / Permanent Insurance

Whole or permanent life insurance always pays a death benefit when the policy holder dies, regardless of age. In the case of traditional whole life, both the death benefit and the premium are designed to stay the same (level) throughout the life of the policy.

In order to keep the cost affordable in old age, most insurance companies charge a fixed, substantial yearly premium from the beginning of coverage until death, investing these “overpayments” and invest the money in a “savings account” for the insured. When these savings reach a certain amount they become available to the policy holder as a cash value. When death occurs the beneficiaries receive only the death benefit amount, not the cash value. Sometimes, such as when the insured lives an unusually long time, the cash value can rise above the death payout and the live policy holder can collect the money himself.

At Peak Benefits & Insurance Solutions we can help you decide which kind of insurance is right for you. There are many quality and affordable plans available so you can live with peace of mind.

Remember that life doesn’t come with guarantees, but our life insurance plans do.