Whole life insurance is still a good buy for those who can afford it. Sometimes it seems that
has such a powerful lobby on the Internet that people forget that there is something called a
whole life policy.
This policy is still around after more than 100 years and is stronger
Why is this? It is simply a good policy. It is expensive but it is a good policy for people who can afford it. There are many advantages to this policy whether you buy it in it's traditional form or a modified form.
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The whole life policy has a guaranteed death benefit for the life of the policy. That statement is enhanced when you consider that the life of the policy is the rest of your life. The death benefit is never less than the amount you contracted for. It can be more which you will see later on in this page. Upon death the face amount of the whole life policy is paid to your loved ones in one lump sum or if you choose in the form of a monthly income ...
This monthly income can take one of many forms as follows:
People find the cash value build up in a whole life policy a very attractive feature. You have some flexibility here. After your policy has been in force for a few years you would have earned some cash values. This is guaranteed. If at any time in the future you need to put your hands on some cash you may borrow up to about 80% of this cash value. You pay it back at your convenience. If there is an outstanding amount owed at the time of your death it will be deducted from the death proceeds before any payment is made.
All participating whole life insurance policies earn dividends if the life insurance company performs well. Dividends are not guaranteed. There are several dividend options to choose from.
There are certain riders that you can add to your whole life insurance policy. First there is the...
If you should become disabled, anytime after six months of disability, the life insurance company will step in and pay the premiums for you for as long as you are disabled even if it is for the rest of your life. When you are well again and able to go back to work you will start paying the premiums again. You would not owe the life insurance company the money they paid for you.
If you should die in an accident the life insurance company will pay twice the death benefit to your beneficiary.
These are the benefits gained if you buy a whole life insurance policy. It is a little costly as far as life insurance costs go but if you can afford it it may be a good buy for you.
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I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.
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