Whole Life Insurance Policies: One Of Best Life Insurance Policies
There are different types of life insurance available in the market, such as, whole life insurance, term life insurance, universal life insurance and return of premium. A whole life insurance policy is a kind of life insurance policy that assures financial protection for the named beneficiary or beneficiaries. And not only that, whole life insurance policy also acts as a financial investment for the policy holder that he can use in time of financial emergency.
Unlike a term insurance policy that terminates after a certain period, a whole life insurance policy lasts through out the policy holder’s life. A regular pay of insurance premiums, make the policy holder sure that the beneficiary must get the face value.
When you buy a whole life insurance policy, you are to pay a certain amount of money every month as premium. And this premium rate in case of whole life insurance policy never increases or decreases. This amount is fixed as long as the policy is active. The rate does not change if the policy holder becomes ill.
It depends on the policy holder’s choice to keep the policy active or to cash out the policy by keeping the money. When you fully cash out the whole life insurance policy, the policy gets terminated.
Unlike a term insurance policy that terminates after a certain period, a whole life insurance policy lasts through out the policy holder’s life. A regular pay of insurance premiums, make the policy holder sure that the beneficiary must get the face value.
When you buy a whole life insurance policy, you are to pay a certain amount of money every month as premium. And this premium rate in case of whole life insurance policy never increases or decreases. This amount is fixed as long as the policy is active. The rate does not change if the policy holder becomes ill.
It depends on the policy holder’s choice to keep the policy active or to cash out the policy by keeping the money. When you fully cash out the whole life insurance policy, the policy gets terminated.
A whole life insurance policy earns interest. As a policy holder you are able to cash in on the interest. You can enjoy the opportunity to borrow money from your whole life insurance policy and repay later. And if you do not repay the money, the life insurance companies will cut out the face value while giving to your beneficiary.
A significant difference between whole life insurance policy and term life insurance policy is that in case of term life insurance policy, only the beneficiary is able to receive cash from your policy. You can’t cash out the money at time of your emergency. That means you can not consider the term life insurance policy as an investment option. On the other hand with a whole life insurance policy you can cash in and later withdraw a part or the entire amount you put into the policy.
If you are an elderly person you should better avoid the whole life insurance policy. The cause behind it is that a whole life insurance policy is designed to be paid into for a longer time. As an elderly person you will have to pay much higher premium that you may not find affordable.
So it can be said that a whole life insurance policy is your safeguard for entire life. It covers the entire life of the insured person. On the death of the insured the beneficiary will receive the sum of money that is the face value and in addition the cash value if not withdrawn. As the insurer can withdraw the cash value or take loans against it. This is undoubtedly the biggest advantage of this type of policy. The cash value in whole life insurance quotes policy is the bonus or profit you get out of the premiums paid.
As long as you are alive a whole life insurance assures you the full coverage. Therefore many consider it as the safest option. Once you buy a whole life insurance policy you can stay with peace of mind as you are not worried about the end date of the policy or renewing it with higher premium rate. All you need to do is that you are to pay the fixed amount every month at the proper time without fail. Thus you can easily ensure a safe and secured future for your family. For more information you may visit lifeinsurancegroup.com.
A significant difference between whole life insurance policy and term life insurance policy is that in case of term life insurance policy, only the beneficiary is able to receive cash from your policy. You can’t cash out the money at time of your emergency. That means you can not consider the term life insurance policy as an investment option. On the other hand with a whole life insurance policy you can cash in and later withdraw a part or the entire amount you put into the policy.
If you are an elderly person you should better avoid the whole life insurance policy. The cause behind it is that a whole life insurance policy is designed to be paid into for a longer time. As an elderly person you will have to pay much higher premium that you may not find affordable.
So it can be said that a whole life insurance policy is your safeguard for entire life. It covers the entire life of the insured person. On the death of the insured the beneficiary will receive the sum of money that is the face value and in addition the cash value if not withdrawn. As the insurer can withdraw the cash value or take loans against it. This is undoubtedly the biggest advantage of this type of policy. The cash value in whole life insurance quotes policy is the bonus or profit you get out of the premiums paid.
As long as you are alive a whole life insurance assures you the full coverage. Therefore many consider it as the safest option. Once you buy a whole life insurance policy you can stay with peace of mind as you are not worried about the end date of the policy or renewing it with higher premium rate. All you need to do is that you are to pay the fixed amount every month at the proper time without fail. Thus you can easily ensure a safe and secured future for your family. For more information you may visit lifeinsurancegroup.com.