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Advantages Of Whole Life Insurance

The Truth About Whole Life Insurance

Are you aware of the advantages of whole life insurance? A very convincing life insurance agent persuaded you to buy your whole life insurance policy 20 years ago.

You subsequently bought some term life insurance as well because you felt you needed additional life insurance protection for your family.

The only time you thought of your whole life policy since is when you heard the constant buzz that term life insurance was better. You never took the time to get into the details because you earned a good income and never was short of cash.


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Advantages Of Whole Life Insurance

20 years down the line you decide to find out a little more about your whole life insurance policy. You want to examine the advantages of whole life insurance as they apply to you and your policy.

Let us see if there was any advantage to owning this policy. You call in a representative from the company.

  • The Death Benefit

    Well, you see that your policy has maintained the death benefit as the agent told you it would.

    In fact the death benefit is more than you thought it would be because you opted to use your dividends to purchase paid up additions which are small single premium whole life insurance policies.

    So, upon your death your family would have received more than you thought they would have.
  • Your Longevity As it Relates to your policy

    You have been reminded by the agent that one of the advantages of whole life insurance is that you can keep your policy for as long as you live, even if you live to age 100.

    So now that your children are grown, even though you may feel you don't have as much need for life insurance, you still can keep your policy and maintain some life insurance coverage. You can keep your whole life policy if you choose.
  • Cashing Your Whole Life Policy

    The agent you called in made certain he was well prepared before he came to see you. He made certain to have the current cash value of your policy available for your perusal. You did not get rid of the original illustration you got when you bought your policy.

    The agent now shows you you present cash value. When compared to the original illustration you are surprised, and pleasantly so, that you present value, including, dividends, far exceeds the amount on the illustration.

    In your case, the cash values far exceed the total premium you paid up to that 20 year point.

    Dividends are certainly not guaranteed by any life insurance company, but this type of occurrence is not uncommon. I am certain that you will agree that this is one of the great advantages of owning whole life insurance...a comforting feeling isn't it.

I have recommended time and time again to my clients to buy a good term life insurance policy because it costs, less but I never fail to stress the many advantages of whole life insurance ownership as well.

Whichever way you elect to go you will need to qualify for your policy. In some cases you don't even need to do a physical. You just answer a few health questions which will be verified.


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