Whole Life Insurance offers features that many other types of life insurance do not. Not all of these are part of every Whole Life policy, but some of these features are:
>Coverage that will last a lifetime.
>Cash value accumulation that can be accessed for personal use by tax free loans.
>Dividends.
>The ability to pay up your entire premiums in a limited number of years.
>The ability to quit paying premiums and still have a policy of some value.
Whole Life Insurance is the oldest type of insurance within the family of life insurance.
Whole Life Insurance is full of guarantees which other policies do mot have. These guarantees include the death benefit, the premium you pay for coverage and the cash value in any given year.
Other popular features include dividends which can be paid to you or back into the policy, paid up insurance, additional life insurance by adding inexpensive term riders. And more depending on the company.
Company specific additions may include a critical illness rider, disability protection for accident only or accident and health.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Why get whole life insurance? I can't give you a reason why you should, only why I did.
I wanted a locked in price the day I bought it, till the day I died.
I wanted something to work both if I died too early or lived too long.
I wanted something I owned, that could not be taken away later on.
I wanted to control the policy, not the insurance company.
I wanted to take away an insurance company's ability to say no to me.
I wanted a safe place to put money to let it grow, to cover for my other investment choices.
I wanted a place to access cash if needed, where I didn't have to explain to a guy in a cubicle "why?" and get his blessing.
If any of these reasons work for you, by all means consider the choice.
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>Coverage that will last a lifetime.
>Cash value accumulation that can be accessed for personal use by tax free loans.
>Dividends.
>The ability to pay up your entire premiums in a limited number of years.
>The ability to quit paying premiums and still have a policy of some value.
Whole Life Insurance is full of guarantees which other policies do mot have. These guarantees include the death benefit, the premium you pay for coverage and the cash value in any given year.
Other popular features include dividends which can be paid to you or back into the policy, paid up insurance, additional life insurance by adding inexpensive term riders. And more depending on the company.
Company specific additions may include a critical illness rider, disability protection for accident only or accident and health.
I wanted a locked in price the day I bought it, till the day I died.
I wanted something to work both if I died too early or lived too long.
I wanted something I owned, that could not be taken away later on.
I wanted to control the policy, not the insurance company.
I wanted to take away an insurance company's ability to say no to me.
I wanted a safe place to put money to let it grow, to cover for my other investment choices.
I wanted a place to access cash if needed, where I didn't have to explain to a guy in a cubicle "why?" and get his blessing.
If any of these reasons work for you, by all means consider the choice.