1. 47 POINTS
    Kevin Haney
    A.S.K. Benefit Solutions, New Jersey
    There are several reason why you might want to purchase a whole life insurance policy. They offer permanent coverage, with guarantees.

    Permanent policies provide coverage until the day you die. Term life offers a lower premium cost compared to whole, but the coverage is temporary.

    Whole life provides guaranteed cash value accumulation, death benefit amounts, and level premiums for life. Guarantees remove the guess work, and provide a level of security other policy types cannot match.
    Answered on September 30, 2014
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    You would want Whole Life insurance (or another permanent policy) if you want the policy to be in effect when you die. Whole Life insurance will pay your beneficiary even if you live to be 99 years old. If you live to be 100, you can collect the face amount in cash.
    Answered on October 1, 2014
  3. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! There are some of the televised financial guru's that tell you that term life is the way to go, and to forget about whole life as an option. They are right, if you are one of the 1% who can save enough money in tax deferred or tax free shelters to pay for your final expenses, and leave behind enough tax free cash to support your family when you're gone. If that's you, then you don't need it. If that's not you, then to have a policy that you can't outlive, like you might a term policy, (and never have to worry about being denied coverage when that happens) is a great reason. To have a source of no questions asked cash if you need it one day is also a big plus. Having a pretty surefire way to pass wealth down without having to worry about wills or probate is also a great reason. I hope that helps you, thanks for asking!
    Answered on October 6, 2014
  4. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    The primary reason one would want a whole life policy is to have life insurance to cover you no matter what age you would die. There are life policies guaranteed to age 151. The other simple reason to purchase whole life insurance is its versatility. Whole life insurance is the "Swiss Army" knife of life insurance, its cash value can be used for a variety of things from retirement to cash during a critical illness.
    Answered on October 20, 2014
  5. 5877 POINTS
    Stan Cox II
    Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
    Whole Life Insurance is a wonderful thing! There are so many good reasons to want to have whole life insurance and some of the vary basic reasons are stated by my colleagues above here. Whole Life creates an estate to be passed on to a beneficiary. It doesn't expire before you die and the death benefit is paid to your beneficiary tax-free.

    Whole Life accumulates cash value at a guaranteed rate with no down side risk. And if you buy a policy from a strong Mutual company you get paid dividends on top of the guaranteed interest. Both of these features are like buying money at a discount! What's not to want about that?
    Answered on October 10, 2015
  6. 1976 POINTS
    Ronald Hinch
    Regional Marketing Director, Capital Choice Financial Group,
    Right! Why WOULD you want whole life insurance? Whole life ins$16 per thousand dollars of coverage. On the other hand, term life insurance is an average of $2.14 per $1000 of coverage. As you can see a much better deal. You can purchase term for 10,20,25, or 30 years and adjust it during the term if need be. This will give you time to pay off debt, mortgage, and invest for retirement. Life insurance is never a life long purchase, Instead, it should only cover your income and pay off the debt as your assets grow. Money is what you need in retirement, not an insurance policy!
    Answered on April 13, 2016
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