What is whole life insurance? Whole life insurance is a type of insurance that will provide you with a secure, tax-deferred investment while also giving you the assurance that your family will be provided for if the unthinkable does happen. Find out if this type of insurance is right for you.

What Is Whole Life Insurance?
Whole life insurance is a life insurance policy that is also a way to invest money. It is referred to as a permanent life insurance policy because, as long as you pay your premiums, the policy is yours for life, providing your loved ones with a guaranteed benefit upon your death.

When you purchase a whole life policy, you decide what amount you want the face value of the policy to be: this can range from as little as $1,000 to the millions of dollars, depending on your needs and what you can afford. Once your premiums, which are based on your heath, the policy’s face value and, often, your credit score, are determined, they will remain constant throughout the life of the policy. Some of the money you pay as premiums is invested for you and is yours to keep should you decide to cancel your policy.

Who Should Consider Buying Whole Life Insurance?
Since whole life insurance premiums are relatively expensive, it is wise to consider it only if you have enough money to buy a policy with an adequate face value.

The younger you are when you buy your policy, the lower your premiums will be, so it may be a good choice if you are very young and healthy.

Whole life insurance can also be a good estate-planning tool for older people and a good choice for individuals who want the security of knowing that their policy will not expire and that they will never have to reapply for life insurance. This can be important if you are concerned that your health may make you uninsurable in the future.

What Types of Whole Life Policies Are There?
There are many variations on the whole-life-policy theme. These variations often have to do either with how your returns are calculated or the payment structure of your premiums.

Traditional: This type of policy gives you a guaranteed death benefit as well as a guaranteed amount of cash accumulation over a specified period of time. When you sign up for a traditional policy, your insurance agent will be able to show you what the cash value of your policy will be at any given point in the future.

Variable: This type of policy gives you the option of investing the cash value of your policy in a number of different investment vehicles, including stocks. Because these investments don’t have a guaranteed return (and might even lose money), it’s not possible to determine what the future cash value of your policy would be.

Single Payment: This policy is generally used for estate planning. Because life insurance payouts are not taxed, this type of policy is generally used to avoid estate taxes and lengthy probate. You purchase this policy by paying a large, single premium, usually an amount close to the face value of the policy.

Comparing Life Insurance Rates by Getting Life Insurance Quotes Can Help You:

* Find affordable plans at competitive rates.
* Find plans that will ensure your family can keep the home you built, by being able to make mortgage and/or rent payments.
* Find plans that give your child(ren) the opportunity to finance their education, thus providing a more promising future.

Why Check Life Insurance Rates Annually?

Why not? Just like other forms of insurance, there are tons of factors that can increase or drastically reduce the cost of life insurance, so being informed about current life insurance rates puts you in control of your finances. Many people could be saving hundreds on their annual life insurance policy if only they took a moment to look at updated rates.

How can life insurance quotes help me find out which policy is right for me?

Life insurance quotes allow you to compare rates of similar life insurance policies. Every family is different: size, risk, need, is all factored into how to determine which policy is right for you and your family. When contacted by agents offering you life insurance quotes, inform them of your family’s life insurance needs. A life insurance quote comparison is essential to deciding which company can offer you the level of protection you need, and most of all, what your family deserves. By comparing life insurance quotes you can find the life insurance policy price that is best for you.

Take a minute and let us help you save more of your hard earned money.

Life insurance is about making sure those you leave behind are financially secure and have the resources to settles your affairs. Make sure you look for life insurance quotes to find an affordable plan for you.

Life insurance quotes is perhaps the easiest and most efficient way for you to find affordable life insurance, you simply compare life insurance rates and save money. Life insurance is a form of protection that provides your family with the financial support needed during one of the most difficult times in their lives; the loss of a loved one. The pain that comes with the loss of a family member is difficult, even more difficult is when that member is primary earner of income or has left unsettled financial matters behind. By shopping for life insurance quotes, you are more likely to find a more affordable plan.

Shopping online for Term life quotes ensures that you have as much information at your disposal to make an informed decision. If you have the most up to date, available life insurance rates, there’s a stronger possibility that you will be able to pick a provider and policy that gives you what you want, but costs less. Multiple insurance agents will contact you (through phone or email, usually) and offer you life insurance quotes at competitive rates. Knowing that other life insurance agents are vying for your business can make insurance companies offer you the most affordable life insurance quotes they can.

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What is whole life insurance

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TIP! Include coverage for both ongoing expenses as well as one-time expenses when you are buying life insurance. However, the proceeds from a life insurance payout are also utilized for spending that happens only once.

One way to think about life insurance is as a long-term wager. While this may be a morbid bet, this is how some approach life insurance. Not having proper insurance isn’t a chance you want to take. Keep reading to find out more about your options.

TIP! A financial adviser is a better choice for obtaining a life insurance policy than an insurance broker. The insurance broker earns commissions from insurance policies he or she sells.

Whereas term life insurance is less expensive, it also is short term. Term policies are often touted for their affordability. Keep in mind that traditional life insurance policies are permanent financial assets, and can be used as something you could borrow against. Term life insurance, on the other hand, only stays in effect while you are keeping up with the policy’s payments.

TIP! It is in your best bet to maintain your health if you plan to purchase a new insurance policy. Life insurance policies tend to be costly.

Make sure that you are adequately covered in the sum insured before you make your purchase. If you purchase a policy that exceeds your needs, you will end up paying costly premiums without seeing any return. Make educated decisions to get the best out of life insurance.

TIP! When shopping for a life insurance policy, it is often best to stick with large companies that have a stellar reputation. Even if other companies offer cheap policies, you are taking the risk of not getting paid when you need to.

If you have a high risk job or hobby, be up front about it. You may have to pay more for coverage, but if you are injured on the job or while engaging in your hobby, you want to be sure of being covered. Trying to keep this info from your company is fraud and has penalties.

TIP! Once you have your life insurance policy in place, make sure that those impacted by the policy are aware of it. Let the beneficiary know how much insurance you have, where the paperwork is located, and who they can contact in case something happens.

Get at least five different quotes before you select a life insurance policy. Each insurance company assesses the customers according to a number of criteria, each with different weights. If you smoke, you will encounter different rates of insurance quoted by different companies, so spend some time in evaluating a number of quotes before you make a decision.

TIP! Improving your health helps you get life insurance for a cheaper price. Usually, healthier people get better deals on life insurance since they are expected to live longer.

Make your decision on how you would like to go about purchasing a policy. You can do it yourself or use your employer-provided policy. You might also get advice from a financial planner that charges you a fee or works on commission, or buy a policy straight from a life insurance agent.

Pay your premiums in one lump sum as opposed to being billed monthly. When you pay the premium yearly, you can save some.

TIP! When you are looking to purchase life insurance, always check on the Internet. You can use comparison websites to look at prices and policy terms.

Guaranteed issue insurance policies should be your last choice. This type of insurance policy is meant for people who have preexisting health issues. Unlike other kinds of life insurance, this variety typically does not necessitate a medical exam, although premiums are much higher and coverage is generally only available in limited amounts.

TIP! Purchase more life insurance to save money overall. Some insurance companies will actually charge you less money if you buy a higher amount of coverage, which saves you money and provides more coverage for your family in case something happens.

Compare life insurance policies from many different companies before settling on one. While two different policies may both be renewable, one may last longer than the other. Two policies might offer similar benefits, but one might be less expensive. To get the best insurance policy, you need to conduct proper research.

TIP! Do not go with a ‘guaranteed issue’ policy unless you are out of other options. These policies are tailored to people with pre-existing health conditions.

When purchasing life insurance, watch out for those agents who seem a little too eager to sell and who seem to be the know-it-all types. People like this are usually unreliable and they only want your money.

TIP! If you have a spouse, think about a two-in-one policy. This allows you and your spouse to be listed on a single policy, instead of having to carry two separate policies.

For married couples purchasing life insurance, joint-life policies can provide steep discounts. This policy type makes sense for couples looking to reduce the cost of life insurance. It is imperative to remember, however, that the policy does not pay out double, and it is voided upon the death of one person.

TIP! Be cautious of brokers who give the impression that they have all the answers about what policy you need. Many people who act so smug, tend to be quite unreliable and will swindle you out of your money.

The purchase of universal and whole life insurance policies is not an affordable option for most families. Universal and whole life policies include a savings component that normally does not expire. Many families choose term life insurance, as it is cheaper and gives enough protection to cover the worst situation.

The introduction compared life insurance policies to gambling. You should not neglect planning for your family’s future.

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