Lifetime Guarantees of Whole Life Quotes
Whole Life Insurance Quotes
Whole Life Insurance is easily the most basic form of permanent life insurance coverage. The insured person is covered for life (sometimes until age 100), along with an area of the policy is invested through the insurance company, building cash value on the tax-deferred basis over time.
With Whole Life Insurance, the premium and death benefit are determined at the start and turn into the same throughout the lifetime of the policy. The policy is guaranteed to not lapse, provided you have to pay your premiums. Therefore, once you are covered, you remain covered, even though you develop a severe health problem.
Whole Life Quotes
This is not Term life, where premiums can increase on your lifetime. The premium and face amount of the policy are fixed for life. In most cases, Whole Life Insurance is more expensive (at least within the short run) than Term Life Insurance.
Unlike some variations of Whole Life Insurance (like Universal and Variable Life insurance coverage) the insurance company makes all the investment decisions, there tends to be less flexibility in how or in which the cash is invested.
Who Needs Whole life?
Whole life is a great choice for people who want their life insurance coverage portfolio to include some savings element, and who would like stability and ease of use. It is perfect for people who do not wish to monitor their investments continually, who would rather leave those decisions up to "the experts."
Determining the quantity of coverage you need takes careful and advanced financial planning. You need to make sure you have enough coverage, but not so much as to become unaffordable. Failure to create premium payments could cause the loss of the entire investment.
Find out if a Whole Life insurance coverage allows you to borrow against it once it accumulates to a certain cash value. Also, find out if it ever pays dividends along with rate of interest accrual. Some do, some do not, but dividends are rarely, when, guaranteed.
Some Whole Life Insurance policies provide a limited payment option in which premiums end at age 65. Some offer an interest sensitive variation, in which the cash value of a policy fluctuates according to prevailing interest rates.
If you are thinking about Whole life, but are between 50 and 75, then you may want to consider Guaranteed Whole life. Usually, no health check is required and your family can savor the benefits of financial security.