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. 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 to it.
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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Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.
Deciding which life insurance types to look at depends on each individuals specific need. All life insurance does not fit everyone's situation.