Whole Life Insurance
Whole life insurance
features a level premium and level death benefit to age 100 with
an accumulating cash value that increases over time until it
equals the set death benefit. Whole Life covers you for as long
as you live, if the premiums are paid.
Cash value is an amount of money that you are guaranteed to receive in the
event of policy cancellation. Your premiums are invested on behalf of the policy,
generating the build-up of the cash value. Over time, your premiums grow like
any other investment and the rate or return (yield) can vary from company to
company. You also have the right to borrow against the accumulated cash value
for whatever reason you choose - to make purchases, cover expenses or to apply
towards the premium itself (in effect paying for itself).
When you first take out the policy, premiums may be higher than you would pay
initially for the same amount of term insurance. They will be smaller than
the premiums you will eventually pay if you were to renew a term policy until
your later years.
Whole life is suitable for long-term obligations, such as surviving spouse
lifetime income needs, estate liquidity, death taxes, funding retirement needs,
etc. It also provides a good cornerstone for a complete protection package
for your family and your assets. A professional analysis can help you assess
you current and future needs to determine the best overall life insurance approach
for you.
Rates and coverage vary form state to state. Shop around on your own and talk
to an independent insurance agent to make sure you get a plan that's right
for you. It's amazing how much rates may vary from company to company for the
same coverage.
For more information
or a quote on life insurance fill out our
free life insurance quote request form.
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