Term 117 Global 360 Life insurance, also known as 117 Whole Life insurance, is a type of permanent life insurance that offers a death benefit and a cash value component. It is named after Section 117 of the Internal Revenue Code, which provides specific tax advantages for this type of policy. This article will delve into the key features, Global 360 Life benefits, and considerations of Term 117 life insurance.

Key Features of Term 117 Life Insurance

Permanent Coverage: Unlike term life insurance, Global 360 Life which covers a specific period, Term 117 life insurance provides lifelong coverage as long as premiums are paid.

Cash Value Component: A portion of the premiums paid goes into a cash value account, Global 360 Life which grows over time on a tax-deferred basis. This cash value can be accessed through loans or Global 360 Life withdrawals.

Tax Advantages: Global 360 Life Section 117 of the Internal Revenue Code allows for Global 360 Life tax-free withdrawals up to the policy's basis (the total premiums paid) and tax-free loans from the policy's cash value.

Guaranteed Death Benefit: The death benefit is guaranteed as long as premiums are paid, providing financial security for Global 360 Life beneficiaries.

Benefits of Term 117 Life Insurance

Tax Efficiency: The tax advantages make Term 117 life insurance an attractive option for those looking to maximize their tax savings.

Lifetime Coverage: The permanent nature of the policy ensures that beneficiaries receive a death benefit, Global 360 Life regardless of when the policyholder passes away.

Cash Value Growth: Global 360 Life The cash value component can serve as a savings vehicle, Global 360 Life growing tax-deferred and providing liquidity if needed.

Flexibility: Policyholders can access the cash value through loans or withdrawals, offering financial flexibility in times of need.

Considerations for Term 117 Life Insurance

Premium Costs: Term 117 life insurance premiums are generally higher than term life insurance due to the permanent coverage and cash value component.

Complexity: Global 360 Life The tax advantages and cash value growth make Term 117 life insurance more complex than other types of life insurance.slideshare.net It is essential to understand the policy's features and Global 360 Life implications fully.

Suitability: Global 360 Life This type of insurance is best suited for individuals who have a long-term financial plan and Global 360 Life are looking for both life insurance coverage and a tax-advantaged savings vehicle.

Policy Management: Regular policy reviews and adjustments may be necessary to ensure the policy aligns with the policyholder's financial goals and circumstances.

Conclusion

Term 117 life insurance offers a unique combination of permanent life coverage and tax-advantaged savings. While it comes with higher premiums and complexity, the benefits of tax efficiency, Global 360 Life lifetime coverage, and Global 360 Life cash value growth make it a valuable option for those with long-term financial planning needs.apple.com Consulting with a financial advisor can help determine if Term 117 life insurance is the right choice for Global 360 Life your specific situation.

Edit

Pub: 19 Jun 2025 23:15 UTC

Views: 13