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Whole Life Insurance
Whole life insurance is a life insurance contract with level premiums that has both an insurance and a cash value accumulation component. The insurance component pays a stated amount upon death of the insured. The cash value accumulation component allows the policyholder to withdraw or borrow against it*.
Clients come to Condon Wealth Management and Planning for guidance to a life insurance policy that is right for them. Contact us today for more information.
*Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Loans are income tax free as long as policy is not a “modified endowment contract” (MEC) and policy must not be surrendered, lapsed, or otherwise terminated during the lifetime of the insured. Policy must not be a modified endowment contract (MEC) and withdrawals must not exceed cost basis. Partial withdrawals during the first 15 policy years are subject to additional rules and may be taxable. Excess policy loans can result in termination of a policy. A policy that lapses or is surrendered can potentially result in tax consequences. You should consult a qualified tax professional for tax advice on your own personal situation.