Whole life insurance can help to keep you and your family financially secure. If you’re looking to protect your loved ones and build a savings plan for their future, then a whole life policy may be right for you. This type of policy has a number of benefits as a life insurance solution, and can be used as a savings and investment tool in addition to providing death benefits to your beneficiaries.
When you work with an independent agent in the Trusted Choice® network, you will get the unbiased help you need to make an informed decision. Independent agents can research many life insurance companies and help you decide what is right for you. Contact a local agent to get personalized assistance today.
Whole life insurance is one of the types of permanent life insurance available. It is quite different from term insurance, which covers you for set number of years and only pays death benefits to your beneficiaries.
Whole life insurance covers you for your entire life. In addition to paying death benefits, it also has a cash value accumulation feature which grows over the life of the policy.
Whole life insurance is also different from universal life insurance, which offers more flexibility but fewer guarantees. There are several options for ways to purchase whole life insurance. The main features of this coverage include guaranteed rates, which are not available in universal life insurance.
Whole life insurance might be right for someone who:
Whole life insurance rates vary quite a bit from one insurance company to another. Each life insurance company uses different algorithms to determine premiums based an individual's health risks, age and other factors. For this reason, it is important to compare rates from several different insurance providers before making a choice.
To compare several different whole life insurance plans and rates, talk to an independent agent in the Trusted Choice network who specializes in life insurance. One of these local agents can research and compare several life insurance companies and and help you find the right policy for you.
The cash value that accumulates in a whole life insurance policy provides you with several choices, which include:
Because of the different options available, a whole life insurance policy can be an excellent tool for structuring your finances in retirement, as well as planning your legacy.
There are several different types of whole life insurance policies. They include “non-participating whole life policies,” which tend to be more affordable, and “participating policies.” The differences between these polices are as follows:
Some life insurance companies offer options for payment of your whole life insurance premiums. These options include:
Whole life insurance is an all-inclusive insurance and savings plan that can offer long-term financial protection for you and your family. It is important to weigh the pros and cons of this coverage against other insurance vehicles and choose the plan that best meets your needs. These decisions are unique to each individual.
To compare whole life insurance with other forms of permanent life insurance as well as term life, talk to an independent agent in the Trusted Choice network who specializes in life insurance and can provide the complete information you need to make an informed choice. Contact a local agent today to get started.