Whole Life Insurance

Whole life insurance provides the happy solution to the delicate matter of un unhappy death. In sickness and in health, we care and provide for our families. And at the end of that time, a whole life insurance policy can help you to continue to provide for them after you’re gone.

But whole life provides for your family in a very unique way…because with whole life, your premium payments become more than just a payment. They accrue and become a cash value account. And with this you can provide for yourself and your family.

How Do Whole Life Insurance Policies Work

Whole life insurance is a permanent life insurance…meaning it lasts your entire life. In most cases, the premium amount does not change, and the death benefits stay the same. Even if you have serious health problems. While it costs more than term life insurance, it’s still the most popular kind of individual life insurance in America today.

When you sign for a whole life insurance policy, you agree upon the premium payment, and how much of that payment will contribute to the cash value of the policy. As you get older, the premiums stay the same or increase according to what you agreed regardless of your age or health conditions. The cash value of a whole life insurance policy continues to grow. And all this time, your death benefit (the amount they’ll pay your beneficiary at the time of your demise) stays the same.

What Can I do with the Cash Values of a Whole Life Insurance Policy

The cash value of a whole life insurance policy is there for as long as the policy is in effect. You can withdraw the money and use it for anything. But withdrawing the cash decreases the death benefit.

The best way to use the cash value is to borrow against it. You can use this money for anything from paying off other loans to education funds. Borrowing the money also allows you to continue deferring taxes on the cash value (it’s taxable when you withdraw it.)

How Long Do I Pay the Premiums on a Whole Life Insurance Policy

On most policies, you continue to pay the premiums on a whole life insurance policy for as long as you live. Companies also offer the option to pay a lump sum in the beginning (creating an immediate cash value to the policy) and then make smaller premium payments throughout your life. You can also choose to pay a larger lump sum, without paying any premiums at all. Whole life insurance with modified premiums is a policy where the premiums incrementally increase as you grow older.

With any whole life insurance policy, everything is clearly defined when you purchase the policy. This includes the premium amounts, death benefits, and the amount of premium that contributes to the cash value.

Whole life insurance is about setting and meeting financial goals. When people depend on your financial decisions, whole life makes sense.

Talk to your Insurance Agent to ensure Whole Life Insurance is right for you!

More Whole Life Insurance Articles:

Whole Life Insurance is still a Preferred Choice

For a long time in America, whole life insurance was what most people bought. Lately, insurance companies have been offering other insurance at lower rates, but in most cases, whole life insurance is still the most beneficial of all plans.

Whole Life Insurance Explanation

A whole life insurance explanation should be required reading for anyone about to purchase life insurance. Whole life, in my humble opinion, has in recent years got a bad rap. People tend to buy term life insurance because it is cheaper...

By: www.compuquotes.com

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Why Businesses Benefit From an Affordable Term Life Insurance Rate

If you are seeking the most affordable term life insurance rate, you have come to the right place. With access to hundreds of insurance companies in the United States, Spectrum Direct brings you real-time life insurance quote information. Rest assured that in the event of your death, with life insurance, your survivors will be taken care of financially.

In addition to the many reasons why consumers take out life insurance policies, business partners also benefit from them. If you are a partner in a business, you can get an affordable term life insurance rate and policy to use to buy out your partner's estate in the event of his or her death. It is also beneficial to insure valuable employees, such as CEOs, whose deaths would cause a financial hazard to the company.

Another example of a business use for an affordable term life insurance rate and policy would be a person who borrows money for the business. In the event of his or her death, a policy would guarantee the lender that the loan would be paid back. It would also keep the person's business partners out of jeopardy if they had no means to take over the loan payments.

If you truly care about the people you could leave behind, a life insurance policy is in order. No matter what your income level, there is a policy that can replace your income and provide benefits to your heirs in the event of your death. Get your affordable term life insurance rate or instant life insurance quote now!

By : term-life-insurance.spectrumdirect.com

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Why Level Term Life Insurance is Often Less Expensive Than Other Types of Insurance

Level term life insurance gives you a fixed premium rate for a specific number of years. Usually, the term for level life insurance is 10 or 20 years, and the death benefit does not change over time. Its advantage is that you can lock in on a rate for the entire term of the policy.

One of the reasons why level term life insurance tends to be less expensive than other types is why all term insurance costs less: the insurance company only has to pay the death benefits if you pass away during the term of the policy. For as little as a few dollars a week, you won't have to worry about your premiums rising during that term, and you'll have the peace of mind knowing that your family is protected.

Since term insurance policies are taken over a fixed period of time, you can enjoy easy budgeting for the duration of your policy. You won't have to worry about your payments rising with level term life insurance, and your death benefit will remain fixed throughout the term of the policy. So you will know exactly what your payments will be for how long you will make them. You'll also know exactly what the lump sum payout will be for your beneficiaries, should you pass away during the insurance term.

Although level term life insurance is initially less expensive than permanent, or whole, life insurance, level life insurance has a downside. As you get older, your premiums will increase when you renew your policy. So though the premiums will be fixed during the term of the policy, when you go to renew it, they will go up, and you can again lock in on the new rate for the next term.

Level term life insurance is great for those on a budget. If you need more coverage or you want investment options, a whole life insurance policy could be in your best interest. Spectrum Direct offers many different types of life insurance policies to meet the needs of our customers. Contact us today for advice, or get a free rate quote for life insurance.

By : term-life-insurance.spectrumdirect.com

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