It has been argued that the whole life insurance premium is too high for the average
life insurance buyer.
The dollars available are not sufficient to purchase enough life insurance coverage to protect their families.
Because the opponents of whole life insurance are so adamant in their claims some people have not even taken the time to investigate what can be done with the money they can afford to spend on a whole life insurance policy. If they did some research they might end up being quite surprised.
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life insurance companies
maintain the regular participating
whole life insurance
policy with the same whole life insurance premium they have had for
years. The amazing thing is that the policy still sells, and sells well
Other life companies have become more creative and modified their policies intensively. Their whole life premiums are much reduced as a result. How do they do it? Here is an example...
This life insurance company provides for your dollar a basic whole life policy with extra life insurance protection.
The basic policy contains a level death benefit and a level whole life premium like any other whole life policy. The extra life
insurance protection consists of one year term and paid up additions.
Initially the premium applied to extra life insurance protection buys all one year term insurance. Whenever a dividend is paid it is applied to purchase paid up additions, which is a single premium whole life policy. Each year that the dividend is paid more paid up additions are bought until eventually there is no more one year term.
Because of the way the policy is designed, as described, the premium for this policy is very low. The policy has a
like any other whole life policy.
You should keep in mind that dividends are not guaranteed and if the company fails to pay a dividend before all the extra life protection becomes paid up additions the amount of death benefit may be less than initially projected.
In this case, your premium purchases
modified life insurance protection. You will always have your modified
whole life policy; it can never be taken away from you.
The premiums are lower than the regular whole life insurance premium and the death benefit is maintained as long as the company continues to perform. The policy accumulates guaranteed tax deferred cash values. You have the right to borrow against your cash values. The death benefit is usually free of Federal Income Taxes as well as Federal Estate Taxes.
Take some time out to look at what a whole life insurance premium can do for you today if applied to a creative modified whole life policy in a good company.
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