Whole life insurance is financial protection that covers you for your entire life. Quite simply, when you own a low-cost whole life insurance policy, your payments never change, and as long as you pay your premiums when due, SBLI pays your loved ones benefits when you die.
A whole life insurance policy from SBLI also builds cash value that, in most cases, grows without being subject to taxation. Better yet, not only can your death benefit - the amount your loved ones receive when you die - increase, but once there is cash value, you can borrow up to that value to use as you see fit.
SBLI whole life insurance is an excellent low-cost way to give your family financial protection for your entire life and to help your family meet financial obligations after you die.
When you own an SBLI whole life insurance policy:- Your family is financially protected for your entire life
- Your premiums/payments never change
- You may borrow the guaranteed cash value of your policy
- You never have to renew or convert your policy
- Your policy may earn dividends and these dividends may be used to purchase more paid up life insurance, to reduce premium, or left to accumulate at interest.
- Your family will have help in meeting current and future financial obligations after you die:
- Expenses at the time of your death, such as medical bills, burial costs and estate taxes;
- Ongoing, future and unforeseen expenses: living expenses, tuition, child care, debt.