Let us take a look at whole life insurance policies and see if you can
benefit from buying one.
What are whole life policies all about anyway?
Some people describe it as life insurance for the rest of your life. Others say it is coverage to age 100.
There are some who see whole life as the most costly type of life insurance coverage. What do I say? Examine the description below.
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This policy guarantees that upon your death regardless of how you die, other than by suicide, the life insurance company will pay the sum insured to your beneficiary. Whole life lasts for the rest of your life even if you life to age 100. The premiums are level, as well as the face amount, for the duration
This policy has guaranteed cash values. Here is how this policy works. After your policy has been in force for a while a certain amount of cash is applied to your policy. This happens each year. The older the policy the higher the guaranteed cash value. Interest is also added to this cash value. Cash values are really a return of premium.
If you have a participating whole life policy you will earn a dividend at the end of each year if your insurance company manages to do a good job keeping expenses down and investing in profitable ventures. Dividends are not guaranteed but are based on the performance of the life insurance company.
Dividends can be applied to your policy in many different ways.
Whole life insurance costs more than term insurance simply because it is guaranteed for a longer period than term insurance.
Most people buy modified versions of the whole life policy created by different life insurance companies. The intent of the modified versions is to offer a product that costs the consumer less without the life insurance company putting themselves at too much risk.
Take a look at a more detailed description of the whole life insurance policies.
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