Deciding on a life insurance plan happens to be one of the most important decisions you will have to make. With numerous options – each presenting their own pros and cons – it’s not surprising that you may feel overwhelmed with the research and planning required.

That’s why at Kelly-Naney Insurance we take the time to make sure you are accurately educated and informed in regards to all your personal CA Life Insurance alternatives—which is exactly why we’ve provided you with a detailed explanation of one potential option available to you— Whole Life Insurance.

Whole Life Insurance acts both as a life insurance policy as well as an effective way to invest money. It is commonly referred to as a “Permanent Life Insurance Policy” because, as long as you continue to pay your premiums, the policy is yours for life – then providing your loved ones with guaranteed benefits upon your death.

When purchasing a Whole Life Insurance policy, you have the option to decide what amount you want the face value of the policy to be; this can range from as little as $1,000 to upwards of millions of dollars, depending on your needs and what you can feel you can afford. Once your premiums (which of course are based on a variety of components including: your health, the policy's face value, etc.) are determined, they will then remain constant throughout the life of the policy. Additionally, some of the money you pay in the form of premiums is invested and is yours to keep should you decide to cancel your CA Life Insurance policy.

Did you know that there are also different variations of Whole Life Insurance policies that you may want to consider when weighing your options? These include:

• Traditional:  gives you a guaranteed death benefit as well as a guaranteed amount of cash accumulation over a specified period of time.
• Variable: gives you the option of investing the cash value of your policy in a number of different investment vehicles, including stocks.
• Single Payment: generally used for estate planning—since life insurance payouts are not taxed, this type of policy is generally used to avoid estate taxes.

Want to learn more? Explore our Virtual Insurance Office to discover all of your California Life Insurance options and how we can help you properly prepare for your future!