Whole Life Insurance: It’s a Swiss Army Knife for Financial Planning
May 2, 2020 by Michael Aloi
The stock market may be jittery right now, but my whole life cash value continues to chug along. In my 20 years of providing financial advice, I have found whole life insurance to be one of the most important, yet overlooked financial planning tools on the market.
There are many benefits to owning some whole life. From the guaranteed cash value, to income tax-free loans, to long-term death benefit protection for the family, whole life insurance has many different uses. I often refer to it as the “Swiss Army Knife” of financial planning. But before we get into the benefits of whole life, let’s first review some background on how it works.