Before deciding which kind of life insurance policy is best for you, you must know the key aspects of whole life insurance and how it will be beneficial for you. With a whole life insurance policy you can make your loved ones financially secure in the event of your death. Simply speaking, life insurance helps your loved ones by paying them upon your death.
What is whole life insurance?
Whole life insurance is a permanent life insurance, which covers your whole life with timely premium payments as long as you live.
With increase level of premiums and cash values, this life insurance policy will be the best choice for long-term goals. The amount of guaranteed cash values could provide money to help during emergencies or temporary needs.
Features of Whole Life Insurance
- Premiums generally are level and payable for life: In the starting premiums will be little higher than a term life insurance but as you go elder, the less expensive will be your annual premiums.
- Dividends: Dividends are not guaranteed with whole life insurance but there is a chance of earning dividends.
- Guaranteed Cash Values: In case of term life insurance, there are no cash values but with whole life insurance some money will be stored as cash values. If you give up the policy, accumulated guaranteed cash values would be yours. You can even take loan against your whole life insurance policy.
Before signing up with a whole life insurance policy, you should ask following questions to the agent appointed by Whole Life Insurance Company.
- Which insurance is best for me, Whole Life Insurance or term life insurance?
- How much coverage do I need?
- How and how much discount can I get?
- What are your Standard & Poor’s ratings?
You must consider following aspects while choosing a Whole Life Insurance Company.
- Expenses and commissions.
- Guaranteed cash value.
- Dividends and interest.
- How do they adjust the death benefit?
You can get any necessary information from online life insurance companies with the help of fast online Internet access. Fast online Internet access and web sites available make you easily compare and get Whole life insurance online quotes.