What is whole life insurance? With the recent chatter brought about by the recession interest in whole life insurance.
Whole life insurance is a contract between an individual and a life insurance company stating that if the individual dies the company will pay a specific sum to specified beneficiary.
The responsibility of the individual is to pay the premiums as per the contract. The individual can keep the policy for the rest of his or her life.
Some companies use age 100 as their standard. This policy can never be taken away from you. What is the whole life insurance policy about?
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Some people put it this way. Whole life insurance is much like an endowment to age 100. The premiums for this type of coverage are much higher than those of term life policies but there are valid reasons for that.
Cash Or Loan Values
Whole life insurance has
which are payable to the owner of the policy upon surrender of the
policy any time in the future. Term policies have no cash values.
These cash values are lower than the premiums paid initially but in the long run can amount to a considerable sum.
If the policy owner should find himself or herself in need of quick cash about 80% of this money can be obtained in the form of a loan from the life insurance company.
If your policy is a participating policy
will accrue and this money is also available to the owner of the policy
if the company performs well enough to declare a dividend.
This cash, incidentally, may be added to your cash value upon surrender or upon your request for a loan. There are several dividend options available.
What is a whole life insurance policy? Whole life is the most comprehensive of life insurance policies. It does everything a life insurance policy can do.
No Medical Exam Life Insurance. What is going on here? Is this new? The way people act one would think that this is an entirely new idea.
Consider online life insurance. Buying life insurance online can be quite a simple process especially if you know how much you want and what type.
There are many pages on this website on term insurance details and how it works. What I want to do on this page is give you a basic and general outline of this policy.
You may find it a valuable experience as well as enlightening if you took some time to get a term life insurance quote on your favorite term policy.
Key employee life insurance is really a necessity.