Do you know that whole life insurance pays a dividend? There is a key thing in this dividend that it is not taxed. If at the end of the year the whole life insurance policy pays out $1,000 in dividends on your policy. Simply you do not pay taxes on that money but you can take that money in the form of a check. It is also easy to reinvest it in the form of cash value of the policy or use the dollars to purchase additional, paid-up insurance. If you want, you can buy more insurance policy of that kind and earn interest.
You can borrow against your cash value. In your emergency whole life insurance quotes will help you a lot. You have to pay interest to the insurance company on this loan but the loan rates are very competitive with regular bank rates on home equity lines. The loan balance can be repaid at the time of death. In that case the equal amount will be deducted from the death benefit. There can be a potential tax free income and borrowing against your policy is easy for you. The interest rate of your borrowing money is low and it will allow the individuals for extra income. It is also appealing to the people for these reasons.