You may ask, how does one define whole life insurance?
Everyone seems to know a little about term life insurance but most people know little or nothing about whole life.
One reason that people know little about whole life is that they probably have never checked it out.
People tend to buy term more because of the low cost and that it just seems to be the right thing to do. After all, their friends seem to buy term. Let us look at whole life. How do we define whole life insurance?
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Whole life insurance is simply life insurance coverage for the rest of your life, thus the name whole life.
has a level death benefit as well as a level premium.
There is much more to this policy though. It has certain advantages that most other policies cannot even think about.
The whole life policy is usually best used in combination with
another type of policy, usually a level term policy. What you do is to
use your whole insurance as your base policy and add a
level term life policy
Your intention here would be to buy a large amount of life insurance, a whole life and term combination.
Here is an example. You would buy $250,000 of
whole life insurance
and $750,000 20 year level term. The term policy can be purchased as a
rider or perhaps as a separate policy.
The whole life policy will have a cash value after a few years which you can use for emergencies.
In order to get the best definition of whole life insurance I recommend that you follow the links in the text. They carry you to pages which give more detail.
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Death proceeds from 10 year life insurance can be in lump sum form or incomr form
The 5 year term life insurance policy has been around in insurance circles for a very long time. It can be sold as a policy or as a rider to a permanent life insurance policy.
The 20 year term insurance policy is one of the most sought after life insurance policies.
Take a look at 20 pay life insurance. Most people know that you buy whole life insurance if you want to be covered for the rest of your life even if you live to age 100.