Why would you want to get whole life insurance quotes?
Whole life insurance used to be, and to some still is, one of the most comprehensive types of life insurance that you can buy.
It is more expensive than most term policies but to some people may be worth the extra dollars.
Let us take an in depth look at what is good about whole life insurance and what are the pitfalls.
If you were to request whole life insurance quotes from your agent you would notice quite a difference to the now quite popular term life insurance policies. Whole Life Death Benefit
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Whole life insurance has a death benefit just like any term policy.
The death benefit remains level for as long as you own the policy. The
great advantage is that you can keep this policy for the rest of your
It can never be taken away from you. All you have to do is pay your premiums and you will be able to keep that policy...even if it is to age one hundred.
Participating And Non Participating Whole Life Insurance
When requesting whole life insurance quotes you should ask if
this policy is a participating policy or a non participating policy.
What is the difference? Well, a non participating policy does not earn
It has a guaranteed cash value but pays no dividends. Non participating policies are usually less expensive policies.
Participating policies are more expensive than non participating policies and they pay dividends. If the company performs well the policyholder of this type of policy will earn a dividend. Here is how this works...
Term insurance is pure insurance...that is death benefit only. The extra premium charged for a
whole life policy
is an overcharge from the beginning.
When the company sees that they do not need the extra premium in the first place they return the premium to the policy owner in the form of a cash value. This cash value earns a dividend which is paid to the policy owner.
You get your whole life insurance quotes, you decide this is the type of policy you want to purchase, and you purchase your policy. When you get your policy in your hand you will see a section called dividend options. Here is how they work.
You might have heard talk about policy loans. When your policy
has been in force for a few years, it would likely have accumulated a
cash value. Approximately 80% of this cash value can be taken from the
in the form of a loan.
All you need to do is apply for it...you do not have to tell them why you need it. You do not even have to repay it, although it would be wise to do so, as the company will charge you interest on the balance. This will reduce your death benefit.
Automatic Premium Loans
Let us suppose 5 years down the line you find yourself in a
situation where cash is tight. When you own a whole life insurance
policy you can afford to miss a few premiums and the policy will still
remain in force.
This is referred to as an automatic premium loan. It is actually a loan taken from your cash values...and used to pay premiums. As interest is also charged on this it should be repaid.
Much of what I discussed with you above you will not see when you get your whole life insurance quotes online...but you will see it all in the policy itself. Now you are ready to get your whole life insurance quotes.
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