AIL Whole Life Insurance
Whole life, or “permanent” life insurance, is exactly what the name implies. It offers insurance coverage for the whole of life (or up to age 100) as opposed to term life insurance, which covers a predetermined period of time (4, 5, 10 years, etc). The first day the policy is in force, the insured will have the full face amount of the policy as protection. This face amount remains the same throughout the life of the policy (and the life of the insured) and supplements other benefits you may have such as your union benefits.
When the insured dies, the face amount of the policy, called the death benefit, is paid to the beneficiary. If the insured lives to 100, the cash value will equal the face amount and is paid to the insured in a lump sum.
American Income Life (AIL) offers different whole life policies. There are only two differences in the plans: premium rates and resulting cash values.
ADVANTAGES OF WHOLE LIFE
• Constant premium cost based on age at the time of application; never increases.
• Provides permanent protection against early death.
• Provides for last illness and funeral expenses.
• Provides an immediate estate.
• Provides an automatic savings plan.
• Builds cash and loan value that can be used for emergencies.
• Provides non-forfeiture values that cannot be lost if the premium stops.