Why are whole life insurance rates so much higher than term life
insurance rates?
Whole life insurance is insurance for the rest of your
life. You can keep your policy up until age 100.
This policy can never
be taken away from you. Term life insurance policies remain in force for limited
periods of time.
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You can buy a 5 year term policy, a 10 year term, 15 year term,
20 year term, 25 year term and 30 year term. The shorter the term period
the cheaper the policy.
A 5 year policy will cost less than a 10 year
policy. A 15 year policy will cost less per year than a 20 year term
life policy.
Why is this? If you take some time to think about it you will realize
that the longer the duration the longer the company is at risk. It
therefore costs more to own a whole life policy than it would cost for a
term policy.
Whole life insurance premium costs are higher for this
reason and for other reasons as well.
Whole life insurance
has
cash values.
This means that if you decide you don't want to keep your policy after a
few years, for example, there is something in it for you. Whole life
has guaranteed cash values which accumulate interest.
Whole life also
has
dividends
added to the cash values if the company does a good job of keeping down
expenses and also does well with their investments. Dividends are not
guaranteed.
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Getting term life insurance quotes online has become common practise with people in search of life insurance protection for their families and in many cases for their business.