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Besides our regular benefits package, our company offers "Extrachoices" to either supplement coverage for full-time employees, or give basic coverage to part-timers.
One plan is "Voluntary interest-sensitive whole life insurance" offered by UnumProvident. Premiums are based on your age at issue and never change. But here is the section that interested me:
"Voluntary interest-sensitive whole life insurance builds cash value that earns interest. The interest rate your policy is credited with will never be less than the guaranteed minimum rate of 4.5 percent built into your policy. Under current law, taxes are deferred on these interest earnings. After sufficient cash value has accumulated, you can borrow from it."
By the way, this policy is portable because the employee owns it as an individual, not as part of a group.
Does this sound like it is worth considering?
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