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- 1.Whole Life Insurance PoliciesReady to get started?Find an AgentWhen you buy life insurance, you make a promiseto your loved ones; a promise that they will havefinancial security when you cant provide it. Sowhen youre choosing a life insurance company, youneed one with the financial strength to back thatpromise; an industry leader with a wide variety ofproductsincluding one thats right for you.life insurance with limited paymentWhole life insurance from State Farm gives you thesecurity of knowing loved ones will be taken care ofin the event of your premature death. Thatsbecause Whole life insurance provides a guaranteeddeath benefit your loved ones can use as theychoose: For college, to pay off a mortgage, or
2. maybe to settle credit card debt. But planning foryour familys future shouldnt mean you cantbenefit during your own lifetime. Thats why StateFarm Whole life insurance also helps build cashvalues you can use in your lifetime. You could tapinto your policys cash value to:Help pay for your childrens education.Add to your retirement income.Provide funds for any emergency expense that mayarise.Cash value you can use for your own needsLoans and withdrawals A Whole Life policy buildscash value that can grow into a sizeableasset. You can take loans or make withdrawals fromyour cash value for any number of reasons.1Although dividends are not guaranteed, whole lifepolicies may pay dividends, which you can withdrawfor your own needs.2 3. Allows more spending during retirement Manypeople are hesitant to spend their assets duringretirement, since they would like to leave a legacybehind them. A permanent life policy creates anestate that can last a lifetime, so even if you spendmost of your retirement savings, you could leavebehind an inheritance.Cash value could lower the actual cost of insurance Affordable premiums often make a term policy anattractive choice. But when you consider the cashvalue offered by a permanent policy, and subtract itfrom the total premiums paid, then the total cost ofa permanent policy could be less. And since cashvalue accumulates over time, your total cost will belower the longer you have your policy.1Unpaid loans and withdrawals will reduce theguaranteed death benefit and policy cash value.Loans also accrue interest. 4. 2Dividends are a return of premium and are basedon the actual mortality, expense, and investmentexperience of the Company.LIMITED PAY LIFE INSURANCE:One of the less common kinds of permanent lifeinsurance is limited pay life insurance. Unlike manyother kinds of insurance in which premiums arepayed for as long as the policy remains in force,limited pay life insurance can remain active longafter the premiums are payed. Instead, thepremiums are all payed over a pre-set time period.Premiums are often paid out in their entirety overeither a ten or twenty year period. Once all thepremiums are paid up, no more payments arerequired to keep the policy active.Instead of Instead of paying out upon death, manylimited pay policies pay out when the policy holder 5. reaches age sixty-five. This is a key difference, asthe value of many policies is inaccessible or woulddeplete the value of the policy until the policyholder has died.Limited payment life insurance, sometimes referredto simply as limited pay life insurance, is really away of having the best of all worlds with a wholelife policy. You pay a premium for a predeterminednumber of years and you have your policy for therest of your life. Here is how the limited paymentlife insurance policies work.What will happen to your family when you die?Have they been provided for? Life Insurance is thesolution and we can help. Compare Multiple Quotesfrom Highly Ranked Carriers and Save up to 70%! 6. Getting your quote is easy and FREE. Click Here AndSaveThe Face AmountThis policy has a death benefit that is guaranteed tostay level for as long as you own it even if youchoose to keep it until age 100. The face amount isusually paid out income tax free to the beneficiaryof your choice. It can be paid in one lump sum or inthe form of a monthly income. If you choose tohave payment made in income form you have manyoptions to choose from.Life IncomeLimited payment life insurance policy proceedsmade as a life income is one of the many choices. Ifyou make this choice the life insurance companywill pay this income to your beneficiary for as longas s/he lives. Upon the death of this beneficiary 7. there is no more income paid even if payment hasonly been paid for only one month. Look at it thisway, if the beneficiary lived a long life the insurancecompany would be on the hook for a lot more thanthe face amount of the policy. On the other hand ashort life would mean the heirs would lose. This inmy humble opinion a life income payment with nocertain is not a very good choice...A better choice would be a life income with acertain period. The proceeds of your limitedpayment life insurance can be paid out in lifeincome form with, for example, 5 years certain, 10years certain or 20 years certain. Let us say youchose to take a life income with 20 years certainyour beneficiary would be paid a lesser income forhis or her life but upon death, if death occurredafter one year for example, the income has to becontinued for another 19 years. To put it another 8. way the income must be paid for a minimum of 20years.Fixed Period IncomeA fixed period income simply works this way. Youtell the insurance company to pay the proceeds ofyour limited payment life insurance policy to yourbeneficiary in equal amounts over a period of 10years, for example, upon your death. The amountpaid out would be more than the lump suminsurance amount.Fixed Amount IncomeThe proceeds of your limited payment life insurancepolicy can also be paid to your beneficiary in fixedamounts. You tell the insurance company to pay, forexample, $1000 per month to your spouse until theproceeds are exhausted. This always amounts to 9. considerably more than had the payments beenmade in a lump sum.Interest OptionYou can choose to have the lump sum that wouldbe paid upon your death held by the insurancecompany and only the interest paid out each year.At a given time in the future you would have thelump sum paid.The limited payment life insurance policy is a wholelife based policy and therefore has cash valueswhich accumulates at a guaranteed minimal rate ofinterest. If you should be in need of cash you maytake a loan from your policy which usually is limitedto about 80% of the cash value. If you are unable tocome up with the premiums the automaticpremium loan provision will kick in and use a 10. portion of your cash value to keep the policy inforce...Your limited payment life insurance policy alsoaccrues dividends. Dividends, however, are notguaranteed and depend on the performance of thelife insurance company.If a dividend is earned by your limited payment lifeinsurance policy it can be paid to you in cash. Thelife insurance company will mail you a check.Dividends can be applied to the reduction ofpremiums. The amount necessary to keep the policyin force would be less than the premium contractedfor in that year.Dividends can be used to purchase paid upadditions. Paid up additions are single premiumpolicies of the same type as the base policy. They 11. have cash values and participate in dividends if anydividends are declared.Available waiver of premium rider and accidentaldeath benefit rider can be added to your limitedpayment life insurance policy if you should sochoose.