Whole Life Insurance Rate Quote And Explanation

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Before getting a whole life insurance rate quote take some time to get at least a basic understanding of what whole life insurance is all about. Whole life insurance, sometimes referred to as straight life or ordinary life insurance, is permanent life insurance as opposed to term life insurance which is normally considered temporary life insurance. Once you get your whole life insurance rate quote, purchase your whole life policy and have it approved you should feel very secure as...you can keep your policy for as long as you live. The premiums of this policy remain level for as long as you own it.

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• Death Benefit

  You can request a whole life insurance rate quote from a life insurance agent or online. When you get your quote you will see that your death benefit remains level for the duration. So if you buy a $500,000 policy and die after one month the insurance company will pay to your heirs $500,000. If you should die after 10 years the insurance company will pay $500,000 regardless of the cause of your death...other than by suicide. The death benefit of your policy can be paid out in the form of a lump sum or as a monthly income. The policy will clearly indicate the varying ways this income can be paid.

• Cash Values

  Whole life insurance policies have guaranteed cash values. If at any time in the future you should be in need of cash you can borrow a portion of your cash value from your policy. You repay it at your convenience. If there is an outstanding amount owed at the time of your death or when you choose to surrender your policy the amount paid will be reduced by that amount. This cash value can build up to a considerable amount of money over the years.

• Whole Life Insurance Dividends

  Participating whole life insurance policies are eligible for dividends. This means that the policy will share in the divisible surplus of the insurance company. Dividends are declared annually and the policy's share will be credited on the anniversary of the policy. Dividends reflect the mortality, expense and investment experience of the life insurance company. Dividends are not guaranteed.

  When you get your whole life insurance rate quote your illustration should show that dividends can be taken in Cash, they can be used to Purchase Paid Up Additions, they can be left to Accumulate Interest or they can be used to Reduce Premiums.

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Read this interesting article on investing in whole life insurance.