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Insurance Education

The Benefits of Family Whole Life Insurance

May 5, 2017

Family life insurance. Say it out loud. 

Protecting your family means having the hard conversations. Our Life Covered is here to talk.

If you take ten seconds to think about it, you’ll probably come up with at least ten topics you’d rather talk about than life insurance.

The vacation you’re planning for this summer. The garden you planted in your backyard. The new restaurant you’ve heard great things about. The weather. The week your kid’s music teacher sent him home with a plastic recorder and the sheet music for “Hot Cross Buns.” That time your novocaine wore off during extensive dental work.

ANYTHING but life insurance, right?

It’s not an easy conversation to start, but it’s a pretty important one to have. Life insurance isn’t mandatory, so it’s easy to think it isn’t necessary.

But the truth is, making room in your budget for insurance now means that your family can continue to cover the expenses that are mandatory and necessary if something should happen to you.

You don’t think twice about paying for mortgages and car insurance because these things so obviously contribute to the comfort and security of the life you lead…so paying for something that protects your family’s ability to keep the life you’ve built together intact just makes sense, doesn’t it?

A family whole life insurance policy is a fantastic way to make absolutely sure that the people you love are taken care of. Now, later, and as long as possible.

Protection + Stability

A whole life policy covers all the obvious things you consider when thinking about life insurance. It will help pay for medical bills and/or funeral expenses, which means that during an already very hard time, your family can focus their energy on celebrating your life rather than wondering how they will pay for your death.

After that, life insurance benefits will help cover some of the normal things…monthly bills, home maintenance, holidays, and hobbies.

It may be a long time before everything else feels normal for your family, but removing the stress of financial instability is the most amazing gift you can give to your loved ones.

Additional Benefits

While any type of life insurance policy you purchase through Our Life Covered provides your family with the benefit of protection, as long as it’s active at the time of your passing, whole life insurance has some benefits that extend beyond that.


As its name suggests, whole life insurance is active for the duration of your life unless you let the policy lapse. This means that you don’t have to worry about a gap in coverage, and while your premium may be higher initially, it typically won’t increase over time.

Cash Value

Whole life insurance gains cash value, and since it’s not subject to the volatility of the stock market, the growth of that value will be regular and reliable.

  • You may also choose to convert your whole life insurance policy into an annuity, which can provide additional income. Make sure you chat with a qualified financial advisor if you’re considering this option, though, as it can have tax implications.
  • Your whole life policy can be a source of quick cash if an emergency arises, as you can borrow and pay back any available cash value. Unlike retirement accounts, there is no penalty based on age or early access. Please keep in mind that any funds not paid back could reduce the amount of the final benefit.
  • Dividends, while not guaranteed, may be available in some cases.

Inheritance Tax

Another option you have with whole life insurance is to place the policy into a trust, which results in your family receiving a non-taxable lump sum. This money can then be used to pay off inheritance tax (IHT), which is something that often blindsides people at an already difficult time.

Our Life Covered recommends consulting with your tax advisor to ensure that this option is right for you.

When you’re ready to have the conversation about family whole life insurance, Our Life Covered is ready to be part of it. Our experienced insurance experts can help you choose a policy from one of the well-vetted providers we work with.

Just visit ourlifecovered.com or call 888-828-9760 to get things started!

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