Whole Life insurance is alive and well, and a fantastic tool when the correct type of Whole Life policy is properly written.
You might have heard “Buy Term Life Insurance and Invest the rest.” This is perhaps the most common approach to life insurance and this strategy most certainly has its purpose and its value. However, it is positively not the only strategy. Whole Life insurance can provide not only a death benefit, but cash control, tax free money growth, creditor protections (check with your state) and even the ability to lend / borrow and repay policy cash values like a bank.
Did you know that Bank-Owned Life Insurance (BOLI) is often a bank’s largest asset? If you are interested in learning how you can create a banking model for yourself, please contact us.