Saratoga.com logo
Saratoga.com logo
  • Places to Stay
  • Things To Do
  • Food & Drink
  • Events
  • Businesses
  • Travel Guides
Saratoga Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us
Home  »  Business Reports  »  Business Report: Finding Safety In Whole Life Insurance
Business Reports

Business Report: Finding Safety In Whole Life Insurance

Posted onApril 11, 2023
Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers

By Brian M. Johnson, MBA, CLTC

Amid recent news about prominent banks failing, inflation and increased market volatility, many Americans are finding refuge in whole life insurance. 

To be clear, whole life insurance is NOT an investment. It is a type of life insurance policy that provides coverage for the entirety of one’s life, as opposed to term life insurance which only covers a specific period of time. While whole life insurance offers several benefits, one of the most important considerations for many people is the safety of the policy. 

What is whole life insurance? It is a type of permanent life insurance that provides coverage for the entirety of one’s life. Unlike term life insurance, which only provides coverage for a specific period of time, whole life insurance does not expire as long as premiums are paid. In addition to providing a death benefit, whole life insurance policies also build cash value over time, which can be borrowed against or used to pay premiums.

One of the main benefits of whole life insurance is its safety. Unlike other types of investments, such as stocks or mutual funds, whole life insurance policies are not subject to market fluctuations. This means that the cash value of the policy is guaranteed to increase over time, regardless of economic conditions. In addition, whole life insurance policies are backed by the financial strength of the insurance company, which provides an additional layer of safety.

When you purchase a whole life insurance policy, you are essentially entering into a contract with the insurance company. The insurance company agrees to pay a death benefit to your beneficiaries in exchange for the payment of premiums. 

In addition, the insurance company guarantees that the cash value of the policy will increase over time, regardless of market conditions. This means that even if the stock market crashes or the economy takes a downturn, your whole life insurance policy will continue to provide coverage and build cash value.

In addition to the safety of whole life insurance policies, there are several other benefits to consider. For example, whole life insurance policies offer a fixed premium, which means that the cost of the policy will not increase over time. This can be especially beneficial for individuals who are looking for long-term financial stability and want to avoid the risk of rising premiums.

Another benefit of whole life insurance policies is that they can be used as a source of cash in times of need. Because the policies build cash value over time, policyholders can borrow against the cash value or even surrender the policy for its cash value if needed. This can be a valuable source of emergency funds or can be used to pay for other expenses, such as supplementing retirement income, college tuition or a down payment on a house.

Finally, whole life insurance policies provide peace of mind knowing that your loved ones will be taken care of in the event of your death. The death benefit can be used to pay for funeral expenses, outstanding debts, provide financial support for your family, and transfer wealth in an efficient means. Life Insurance death benefit proceeds are generally income tax free. 

While whole life insurance policies offer a number of benefits, it is important to choose the right policy to meet your individual needs. When choosing a whole life insurance policy, there are several factors to consider, including:

The death benefit should be sufficient to provide for your loved ones in the event of your death.

The premium cost should be affordable and fit within your budget.

The cash value of the policy should grow at a rate that meets your long-term financial goals.

The insurance company should have a strong financial rating and a good reputation for paying claims.

As far as additional benefits, some whole life insurance policies offer additional benefits, such as long-term care coverage or accelerated death benefits. Consider whether these benefits are important to you.

Whole life insurance can offer you and your family guaranteed premiums and death benefits, competitive tax-deferred growth in cash values and tax-efficient way to transfer wealth to the next generation. Whole life is not right for everyone and it’s important you consult with your financial advisor and/or CPA to determine whether a policy makes sense for you. 

Previous Article Millennial Medical Imaging Will Donate $337,500 To Saratoga Hospital Over 5 Years
Next Article ‘With Grace Mental Health Counseling’ Wants To Remove Stigma Of Seeking Such Services
Subscribe to Our Newsletter View the Latest Virtual Edition

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Community Services
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber / Tech
  • Dining Guide
  • Economic Development
  • Economic Outlook 2016
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Economic Outlook 2022
  • Economic Outlook 2023
  • Economic Outlook 2024
  • Economic Outlook 2025
  • Education/ Training/ Personal Development
  • Entrepreneurial Women
  • Entrepreneurship
  • Environment / Development
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Guide
  • Holiday Shopping
  • Home / Energy
  • Home / Insurance
  • Home & Real Esate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Leadership Development
  • Legal / Accounting
  • Meet The Chef
  • New Businesses
  • Non-Profit
  • Office / Computer / New Media
  • Office / HR / Employment
  • Office/ Technology/ E-Commerce
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Security / Legal
  • Year-End Tax Planning

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
Connect With Us

Follow, like and subscribe to Saratoga.com on social media

Account Sign In Submit An Event
Saratoga.com logo
  • Home
  • Places To Stay
  • Things To Do
  • Food & Drink
  • Events
  • Real Estate
  • Businesses
  • Guides
  • Contact Us
  • Blogs
  • Sweepstakes
  • Advertising
Visit Saratoga.com For Everything Saratoga
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered near Saratoga Springs in Glens Falls, New York
Saratoga.com All Rights Reserved © 2025
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies
[uc-privacysettings]

We strive to insure accuracy on Saratoga.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact us with site improvements.