Do Whole Life Insurance Policies Work?

  1. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! Life insurance policies have worked for many people for a very long time. They work in part because of one simple fact - everyone dies eventually. Whole life policies work best in that respect because they are guaranteed to pay out, if you've kept them in force. The payment amount is assured, and the likelihood of you receiving that payment is also assured. Unlike term or Universal life policies ( which are basically term products disguised as whole life policies) you cannot outlive them, or lose them because they go belly up over their costs. Please speak with someone that you trust, and have them go through the particulars of each, or look at my Facebook page, Winkler Financial Group, and look for my explanations of each. If you need help, please inbox me, okay? Thank you for asking!
    Answered on November 15, 2014
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  2. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Do whole life policies work? Mine have. 26 year now and the premiums are still the same as the day I bought them. These plans have provided cash values that have grown impressively over the years for the amount of risk they are exposed to. The great thing is I control them. They can't take them away, they can't change the terms. I own it, it's mine. Could go on for pages, but I'll stop here.
    Answered on November 23, 2014
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  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Insurance is all about statistics and mathematics. Companies have hundreds of years of death experience and can predict their potential claims accurately. They can compute how much money they will need every year for a given policy and adjust the premium to make sure that the policy will be in force with money to pay the claim throughout the lifetime of the insured. Yes they work.
    Answered on February 4, 2015
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