Whole Life Insurance
Whole life insurance is the basic type of permanent life insurance. Other types of permanent life insurance include: universal life, variable life, and variable universal life.
Whole Life Insurance Highlights
These types of policies share a number of common benefits, including:
- A level premium throughout the policy
- Coverage for as long as you live
- Accumulation of cash value
- Best suited for long-range goals
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Whole Life Policy Premiums
A whole life policy has a premium that stays the same for the entire policy. The higher premium cost results from balancing the rate throughout the life of the policy – in the beginning, the premium will be higher than it should be, but over time, the cost will take into account your aging status. The “overpayment” in the early years is generally used for paying claims and investing, as well as in the later years to help pay the cost as you age and have less income.
Whole Life Policy Coverage
Plain and simple, a whole life insurance policy provides protection for your entire lifetime. Also, unless you change your policy, no future medical exams will be required.
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Whole Life Insurance Cash Values
A portion of the premiums paid into your whole life policy will grow tax-free over time. This cash value may be borrowed against, paid to you (if you are still living at age 100 or cancel your policy), or provided to your beneficiaries following your death. Note that any amount you borrow from your policy will decrease the death benefit.
Whole Life Insurance Plan Drawbacks
As with all permanent life insurance, whole life insurance premiums are pricey. Over time, whole life insurance is considered to be more economical, since the premium never increases and the policy builds value.
Another consideration is that whole life policies yield a small rate of return when compared with other investments. Depending solely on the investment portion of a permanent policy is less desirable than making your own independent investment choices.
Save on Life Insurance Premiums
If you are looking for more affordable protection for your family, consider term life insurance.
Get a free term life insurance quote – Life Insurance Info provides access to free quotes for an estimate of your premium.
Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.
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