You may invest money into your life insurance policy over the course of ten, twenty or even fifty years, but the moment you stop paying a premium, your policy risks becoming void. This can be disheartening for individuals who accrue sudden and anticipated expenses such as outstanding medical bills, nursing home expenses and other costs. Despite your best intentions, your loved ones may be left without financial help in the event of your death. Fortunately, you can always invest in a 10 pay whole life policy.
10 pay whole life insurance is insurance designed to guarantee your loved ones death benefits, even if you’re unable to continue paying after 10 years of signing up for the plan. With 10 pay, you select a benefit amount and your monthly premium will be calculated so that the entire premium is paid off in just 10 years. Better yet, so long as you paid the premium in full, your policy will continue to accrue a cash value until the policy is cashed in on.
Life insurance is a necessity, but unfortunately, it’s a necessity that comes with stipulations. If you want a policy that comes with more guarantees that stipulations, invest in a 10 pay whole life policy today. Your family will thank you, and in the meantime, you can rest easy knowing that your family is taken care of even if you’re unable to make monthly payments in your golden years.