Unlike term life insurance, permanent or whole life insurance can protect you for life or in a long-term provided you continue paying your premiums. London Life’s participating life insurance is the ideal plan for you if you are looking for a lifelong protection with tax-advantaged cash value. This plan allows you to obtain protection for the rest of your life and build enough cash value to support your financial goals.
Interestingly, you don’t even need a medical exam to get a participating life insurance coverage, if you already had a term life insurance coverage. Furthermore, in the event of your death, the benefits from a participating life insurance plan can be paid to your named beneficiaries. Also, the benefits are tax-free and can go a long way in helping your beneficiaries to settle your estates.
Additional Details About London Life Participating Life Insurance Plan
Dividends from the London Life’s participating life insurance can be used to purchase additional coverage on a tax-advantaged basis. They can also be used to reduce the amount of premiums you pay annually. The dividends can even be taken out as cash but when withdrawn as cash, the cash may be taxed.