Whole life insurance can provide the financial support to allow your loved ones to continue their quality of life should the unthinkable happen. This type of policy can give you and your loved ones unparalleled peace of mind.
Whole life insurance is a type of permanent life insurance that, when premiums are paid, guarantees the full death benefit and accumulates cash value. NMB offers a variety of premium payment options for whole life insurance, depending on your age and the policy’s face value. Potential options include a single premium, 10-year level premiums, 20-year level premiums, level premiums to age 70, and level premiums for the life of the policy.
Guaranteed Death Benefit
Your beneficiaries will receive an income tax-free* death benefit for the full amount you purchased upon your death.
Guaranteed Cash Values
Cash values are guaranteed and grow each year. You can take a loan against your cash value at any time, as long as your policy has a loan value. Interest will be charged on a policy loan. You can repay all or part of the loan at any time. Any outstanding loans and interest will reduce the death benefit and cash surrender value.
Our whole life insurance policy is eligible for dividends (subject to a minimum face amount). A dividend is a return of premium based on the favorable experience of the company. Dividends can be paid out in cash, left in the policy to earn interest, or be used to purchase additional paid-up life insurance coverage. Although dividends are not guaranteed, they are generally declared annually and credited to the policy on its anniversary date.
*According to current tax laws, IRC Sections 101 & 7702. For Minnesota residents, Minnesota Statues Section 290.01, Subd. 19.
Guarantees are backed by the financial strength and claims-paying ability of National Mutual Benefit.