Whole
Life Insurance
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Whole life insurance policies provide long-term protection. Your premiums will be
based on your age, so the younger you start your policy the better.
You whole life insurance policy premiums will stay level with this policy type. Because
the premiums stay level, the yearly premium cost is much more expensive.
Besides the long term protection, another benefit of permanent
life insurance is that you can borrow against it.
The proceeds of many whole life insurance policies can be
used to ease the financial burden of serious illness, terminal
illness, or long-term care. These accelerated benefits may be offered
as part of the basic policy or as a rider to an existing policy.
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Whole Life Insurance
Types
Whole Life Insurance
This
whole life insurance policy is also known as your main type of "life" policy. This
policy has a fixed rate and develops a cash value over time with regular
premium payments.
There are two variations on traditional whole life:
Survivorship
Life: The policy insures two people and pays a death benefit only
when the second person has died. It is designed for married couples
who want to provide funds to pay estate taxes that may be due after
their deaths.
Joint Whole
Life: The policy insures two lives instead of one. Also called first-to-die
coverage, the policy pays the death benefit to the surviving insured
person when the first one dies. This is usually purchased by married couples.
Universal Life
In this policy, you may change the death benefit and/or the amount of premium
and payment frequency. Unlike whole life, this is an "interest
driven" policy, which normally pays a minimum guaranteed interest
of 4% to 4.5%. If the interest rates are continuously low, additional
premiums may have to be paid to avoid a lapse of coverage.
Variable Life
This policy has death benefits and cash values that vary with the
outcome and growth of an underlying investment portfolio. The death
benefit and cash value are not guaranteed. They can go down as well
as up, although there may be a guaranteed minimum death benefit.
Variable Universal
This policy combines the premium and death benefit flexibility
of universal life with the investment flexibility and risk of variable
life.
So safeguard your
family's financial security! Get your
FREE whole life insurance quote TODAY! (For
our online form, click here).
Use our online whole life insurance form and you will receive a response
within one to two days from a licensed insurance professional in your
area. (For the online form, click
here).
