Most people lose money on term life policies, simply because they outlive the term of their policy. While premiums for permanent life are higher, they are not a cost like term life, since they have a savings or investment account and gives you coverage for life along with loan options.
By using technology we make it quicker, cheaper and simpler for you to save in whole life insurance than ever before.
1: All savings and investment rates applies to the cash value of permanent life insurance policies, and every dollar spent on insurance premium will not go towards the cash value. Depending on individual preferences policies can be designed with different amounts going towards the cash value, which is explained in this article.
2: While the death benefit of a life insurance policy will always be tax free (unless it has been sold to an investor), any withdrawals in the form of dividends or policy loans are only tax free if the policy has been funded according to IRS guidelines, and the policy isn't surrendered (sold back to the insurance company) or lapsed (expired due to lacking payment). White Swan will help you to keep your policy tax efficient.
3: The time to apply for a policy depends on the profile of the insured person and the policy size, and can be longer than the mentioned timeframe if the case does not fit the guidelines our insurance carriers have established for an accelerated application process.