Whole Life Insurance Policy
In Other Shapes And Forms
Whole life insurance is the plan of choice for many people. There are
many variations to this plan. It may be a good thing to look at some of
them. We will begin by examining the basic whole life policy.
Shop And Compare Whole Life Policies. Call Agent - 877-211-8530
Carriers Rated A+ Or Better by A. M. Best.
Compare Whole Life Insurance Types
- Whole Life Insurance
What is a whole life policy all about? If you want a policy that you can keep for as long as you live and that will pay the face amount to your beneficiaries
then this may be the plan for you. There is, however, a lot more to
There are two types of whole life policies...participating
and non participating. Participating whole life has cash values
and earn dividends if the life insurance company performs efficiently.
Dividends are not guaranteed.
Non participating policies have cash
values but pay no dividend. The premiums are level throughout for both
types and so are the death benefits. There are many modifications to
- Graded Premium Life
With this policy the premium begins much lower that the normal cost and increases each year
for a specified period then it levels off and remains level for the
rest of the life of the policy.
The ultimate premium is usually a little
more the it would have been had a normal whole life policy been taken
out at the outset. The premiums increase for 5 or 10 years depending on
the particular companies idea as to how the policy should work.
type of policy is purchased by one who likes the idea of whole life but doesn't want to put out the full premium at the outset.
- Limited Payment Whole Life
This policy is designed that you pay only for a specific period
of time but you still own your policy for your entire life. What the
life insurance companies are doing here is packing the cost of the
policy in the first 5, 10 or 20 years for example.
You don't pay after
these periods but you still own your policy. You still have your cash
values and you still earn dividends. Keep in mind that the cost for such
policies are more than those of regular whole life insurance policies.
- Single Premium Whole Life
The idea here is that you pay only once
and the policy remains in force for as long as you live. The policy has
cash values from very early and, if a participating policy, accumulates
There are other variations to the whole life policy. They are usually
referred to as modified life policies. Some have a lower level premium
for 5 or 10 years and a higher level premium thereafter.
There are a few
others that have a more complex premium structure but with a lower
premium throughout. This premium is based on whether or not the company
pays a dividend.
As a result the owner of the policy may end up with a
lower death benefit than anticipated, if the company doesn't perform.
The older and stronger companies, however, usually are able to keep the
death benefit at the original level.
Save Up To 70% On Your Life Insurance Premiums -
Click For Info...
Life Insurance Articles
Whole Life Insurance Options