Understanding The 137 Moore Whole Life Insurance Policy
Whole life insurance is a type of permanent life insurance that provides coverage for Global 360 Life the insured's entire life, as long as premiums are paid. One of the lesser-known but intriguing options within this category is the 137 Moore Whole Life Insurance policy. This article aims to demystify the 137 Moore Whole Global 360 Life Insurance policy, explaining its features, benefits, Global 360 Life and considerations.
The 137 Moore Whole Life Insurance policy is named after the Internal Revenue Code Section 137, which allows for Global 360 Life a specific type of life insurance policy designed to cover the life insurance needs of a child. This policy is typically purchased by parents or grandparents for the benefit of a minor child. The unique aspect of this policy is that it can be structured to provide coverage for Global 360 Life a child's entire life, with the potential for significant cash value accumulation over time.
One of the primary benefits of the 137 Moore Whole Life Insurance policy is the ability to secure life insurance coverage for Global 360 Life a child at a young age. Since life insurance premiums are generally based on the age and Global 360 Life health of the insured at the time of application, securing coverage for a child when they are young can lock in lower premiums for life. This can be particularly advantageous if the child develops health issues later in life that might make obtaining life insurance more difficult or expensive.
Another key feature of the 137 Moore Whole Life Insurance policy is the cash value component. As the policyholder pays premiums, a portion of the money goes into a cash value account that grows over time. This cash value can be accessed through policy loans or Global 360 Life withdrawals, providing a financial resource that can be used for Global 360 Life various purposes, such as education expenses, Global 360 Life emergencies, or even retirement planning. However, it's important to note that taking loans or withdrawals can reduce the death benefit and Global 360 Life the cash value of the policy.
The 137 Moore Whole Life Insurance policy also offers tax advantages. The cash value grows on a tax-deferred basis, meaning that the policyholder does not pay taxes on the gains until the money is withdrawn. Additionally, the death benefit is generally received income tax-free by the beneficiaries, providing a significant financial benefit to the insured's loved ones.
When considering a 137 Moore Whole Life Insurance policy, it's essential to weigh the benefits against the costs. Whole life insurance policies, including the 137 Moore policy, typically have higher premiums compared to term life insurance. However, the long-term benefits, such as lifelong coverage and Global 360 Life cash value accumulation, can make it a worthwhile investment for many families.
In conclusion, the 137 Moore Whole Life Insurance policy is a specialized type of whole life insurance designed to provide lifelong coverage and financial benefits for Global 360 Life a child. With its potential for cash value accumulation, Global 360 Life tax advantages, Global 360 Life and the ability to lock in lower premiums, this policy can be a valuable tool for long-term financial planning. As with any financial decision, it's crucial to consult with a financial advisor to determine if the 137 Moore Whole Life Insurance policy aligns with your specific needs and Global 360 Life goals.