Life insurance is a great investment for any individual, but unfortunately, it doesn’t protect against job loss, outstanding medical expenses or any other occurrences that may make it impossible for him or her to pay the monthly premiums. 10 pay life insurance, however, does.
10 pay whole life insurance is a whole life insurance policy that is completely paid off within just ten years. You choose the death benefit amount and your monthly premium will be calculated accordingly. This way, you can set your family up for financial comfort when you’re still young, healthy and earning a monthly income, and live your golden years without having to worry about how you’re going to meet the next month’s premium obligation.
Moreover, this type of life insurance policy accrues a cash value over time. So long as the premium is paid in full over the ten-year span, it will continue to accrue value up until your death, or until you choose to use it for whatever reason. Some people opt to cash in on their policy early to help fund college tuition, a second mortgage or other unanticipated living expenses.
If you’re interested in building a life insurance policy that works best for you, your current lifestyle and your future, look into a 10 pay life insurance policy. It’s life insurance done your way.