Looking for affordable whole life insurance? The options are many.
On this page I will give you a brief outline of some of the options available. Let us first define whole life insurance.
Whole life provides a death benefit that can never decrease for the rest of your life or to age 100.
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At age 100 the cash value of the policy equals the amount paid in. Some companies build the policy so that the cash value
equals the amount paid by age 90.
There are two types of whole life policies, participating and non participating policies. Participating policies, usually issued by mutual life insurance companies, pay a dividend in addition to your cash value if the company performs well.
Dividends are not guaranteed.
Life insurance premiums
are based on the applicants age, health and occupation or avocation. If
you are in good health at the time you apply you get a lower rate than
the person who is not.
Keeping in mind that whole life can last up until age 100 you can appreciate that the premiums will be higher than those of a term policy that lasts for a much shorter period, 5 or 10 years for example.
As you can see there are alternatives to the basic policies. Affordable
whole life insurance policies are available. When you consider that you
get back your cash at some point if you don't die whole life ends up
being more cost efficient than term.
You also have your affordable whole life insurance policy for the rest of your life. The death benefit never decreases and it can never be taken away from you.
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