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Whole Life Insurance

When you shop for life insurance and are looking for, you have two basic options:term or permanent life insurance.  

Term life insurance covers you for a specifec period of time, 10, 15, 20, or 30 years. If you live past your policy's term there is no payout to your beneficiaries.

Permanent Insurance....
Permanent life insurance, such as whole life, covers you for the duration of your lifetime. 

It also offers a feature that is viewed as a strong selling point: cash value in addition to lifelong insurance coverage. A portion of your premium payments go toward a cash value account that grows tax deferred over time.

The cash value is one reason whole life insurance premiums are higher than premiums for term life isurance. When is building up cash value worth the extra money you'll pay for permenant life insurance policy? 


Another common way to access your cash value is taking out a loan against the policy and paying it back at a rate that is usually lower that the bank rate.

You are not obligated to pay it back, but the money you owe, plus interest will be deducted from the death benefit when you die. So if you do not pay it back your beneficiaries will lose out

You can also make a full or partial withdrawal of your cash value.Depending on your policy and level of cash value, a withdrawal might reduce your death benefit.

Exactly how much varies by policy, but in case of universal life your death benefit would be reduced on a dollar-for-dollar basis.

For example, if you had a $100,000 death benefit with $20,000 cash value  and you withdrew $10,000, your death benefit would be $90,000.

In some cases. partially withdrawing your cash value could decimate youre death benefit. For some traditional whole life insuance policies, the death benefit by more could be reduced by more than the amount of you withdraw.

Whole life insurance provides affordable permanent protection for your family and has a savings component that builds cash value.

Whole life insurance:
Provides a guaranteed death benefit to protect your family.

Offers a guaranteed premium structure, which means your premiums will never increase, but may be reduced or eliminated.

Builds cash value that can only increase over time.
 
Offers dividends. When dividends are declared, they may be credited to your policy, further increasing the cash value and death benefit.

Building value with dividend...
Dividends are an important benefit of your Ohio National whole life insurance policy, and may be declared each year. Dividends are a way Ohio National shares its financial success and returns a portion of your premiums.

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For more than 80 consecutive years, Ohio National has paid dividends to our policyholders and, although dividends are not guaranteed, we expect this practice to continue.

Importantly, your dividend scale remains the same even if you choose to access your cash value by taking a loan. Other companies may use a scale that credits a lower dividend based on the assets that are out on loan.

Whole life insurance product choices....
Ohio National offers a variety of whole life products to satisfy a broad range of premium and performance needs. 

Prestige Value III is our lowest priced whole life option. Its savings component and potential for dividends can assist you with your long-term cash accumulation goals.

Prestige 10 Pay is a 10-year, limited-pay, whole life solution meaning after paying a level premium for 10 years, no additional premiums are required.

Prestige 100 is a foundational whole life insurance policy. Premiums are paid to age 100 and the policy provides a lifetime of death-benefit protection.

Prestige Max is a "paid-up" at age 65 (or 10 years after purchase, whichever is later) policy that maximizes its savings element and dividends to generate high cash value accessible through loans.
Looking for protection and guarantees?

You’ll get both with an Ohio National whole life insurance policy.

Talk to your Ohio National representative to find out more about whole life insurance when looking for life insurance companies in St. Louis IL.

Call: Louis Hammond Now  (209) 918-4016

Exactly how much varies by policy, but in case of universal life your death benefit would be reduced on a dollar-for-dollar basis.

For example, if you had a $100,000 death benefit with $20,000 cash value  and you withdrew $10,000, your death benefit would be $90,000.


In some cases. partially withdrawing your cash value could decimate your death benefit. For some traditional whole life insuance policies, the death benefit by more could be reduced by more than the amount of you withdraw.