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Benefits of Whole Life Insurance

Barry Kornfeld

Barry M. Kornfeld works as a financial advisor at First Financial Tax Group in Boca Raton, Florida, where he helps pre- and post-retirees of all ages solidify their income and growth strategies. Ferne Kornfeld, his wife and business partner, often advises clients on life insurance, which can provide financial protection for loved ones.

Whole life insurance is a permanent, cash-value policy that provides coverage throughout the life of the policyholder. A primary benefit of whole life insurance involves the peace of mind policyholders enjoy, not having to worry about term limits and knowing that their loved ones will be cared for. The cash value of the whole life account typically grows at a fixed rate, adding another layer of stability.
Depending on the specific terms, whole life insurance policies may be converted to an annuity, which frees up cash for living expenses. Whole life policies allow individuals to borrow from any available cash value without penalty, which sets them apart from retirement plans such as IRAs and 401(k)s. In some cases, whole life policies may even pay out dividends based on the profits realized by the insuring company.

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