Buy whole life insurance?
ByRead this and save money when you buy whole life insurance. All life insurance policies are not the same.
There are two main types of life insurance, Whole life and term life insurance.
Term life insurance policies are only for coverage and the premiums are generally low depending of course on your age, whether or not you are a smoker and medical history.
The term is for a predetermined period of time and at the end of the term the policy expires and the money paid for the premiums is nonrefundable.
onsider whole life insurance
A whole life policy continues as long as a person pays the premiums and the policy will not expire for a lifetime or until the person reaches the age of 100. Whole life insurance will use the premiums to build up a cash value which will equal the amount paid in after about the first 15 years and will continue to grow as premiums are paid.
The cash value is built is on a tax-deferred basis and the policy can be canceled or surrendered at any time and the owner of the policy will receive the cash value.
In the event of the death of the owner of the policy the beneficiary will receive the cash value either paid out in monthly payments or a lump sum payment.
The cash value of whole life policies can be used as collateral for a loan.
The premium for a whole life policy never changes unlike term life insurance where the premium can go up as the owner of the policy advances in age.
The premiums for a whole life insurance policy are more expensive than that of term life insurance but if the owner of the policy does not die the policy has a cash value. With term life insurance there is no cash value to the policy.
Jimmy says, there are many different opinions as to the advantages and disadvantages of buying whole life insurance versus term life insurance. Check out the different companies and accumulate all the facts yourself and make your own decision.
Whoa Jimmy?
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Buy whole life insurance, or buy term insurance, if you have any ideas on this subject please share with our readers in the comments.
