Facts And Facets About Whole Life Insurance

by Redeeming Riches on February 16, 2012

Whole life insurance covers the whole life of the policy holder. There is no fixed date for the last premium. When the policy holder dies the total value of the policy which is called as death benefit, is handed over to the person or persons named in the whole life insurance policy.

Whole life insurance is actually your family’s financial protection. There are a variety of whole life insurance policies in the market that not only support your family if any unexpected happens but also builds cash value which you can use during your lifetime.

Whole life insurance provides level premiums and life insurance protection as long as you survive. Premiums are needed to be paid to keep your policy in force. In short whole life insurance is an insurance that will protect the insured for the entire life, as long as the premiums are paid.

Whole life insurance is must in everyone’s portfolio. If you buy the policy at your young age then you can get the best benefits, as the premiums are extremely affordable for you and if there is any change in your health you don’t need to worry as the premiums will never go up. So if you apply at your younger age and stay stress free about rising whole life insurance rates.

The life insurance companies looks for the policy applicant’s risk pool. They look into the person’s life style to determine his life expectancy. If you are applying at the age of 25 and after all verifications you may be considered to have a life expectancy of 75 years. And then they calculate that exactly how much you have to pay to build the cash value equal the amount of coverage you purchase.

Before getting your whole life insurance quotes two things you must consider is the amount of coverage and the amount of whole life insurance rates for monthly premiums.

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