Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Whole Life Insurance - Whole Life Insurance Information


The original purpose of life insurance was to provide for your family in the case of your death. While this purpose is still the most potent reason to take out a life insurance policy, there are a number of other ways that life insurance can be used to benefit you and your family, even while you are still alive.

The key is in choosing a whole life policy rather than a term life insurance policy. A whole life policy is sometimes called 'permanent life' insurance. It will cover you throughout your life rather than just for a specified amount of time, or a term. There are many advantages to a whole life policy over term insurance, and many ways to make a whole life policy affordable.

The cost of a whole life policy is based on the 'face value' of the policy - the death benefit that it will pay if the insured dies. A whole life policy that will pay $100,000 if the person insured dies has a face value of $100,000. As you pay premiums on your life insurance, those premiums accumulate into a 'cash value' - the amount of insurance that you've paid into the policy. Most companies base that figure on making payments for 100 years, which is the point when the face value and the cash value will be the same.

Generally, your whole life insurance premium will rise as you get older, reflecting both the added risks that come with age and the fact that your income will also likely rise as you grow older. This is often the most affordable option for young people who are just started to rise in the work world. You'll pay lower premiums at the start of your whole life policy, and they will gradually rise as you age.

Most life insurance companies offer the option of level premiums based on averaging out the cost of your whole life policy over the entire life of the policy. In that case, your premium will never change, but you will pay higher premiums early on in the life of your policy. If this is affordable for you, it's a good option to lock in a premium amount that won't leave you facing the prospect of losing your whole life policy before it matures because the premiums have become too expensive to maintain.

If you carry a whole life policy, you'll have the option to borrow against the cash value built into your policy under certain conditions. You can, if necessary, cash out your policy earlier, but a better option is to take out a loan from the insurance company against the accumulated cash value in your policy. It can be used to fund your children's education, to deal with unexpected expenses, or even to take a dream vacation. While you'll have to pay it back, it will be at much more affordable interest rates than you'd pay a bank.

If you have the option, an affordable whole life insurance policy can be one of your best hedges against unexpected expenses and retirement.

To view our recommended sources for life insurance, or to read more articles about life insurance, visit: Recommended Life Insurance Companies Online.

Carrie Reeder is the owner ofeZerk, an informational website with articles and the latest news about various topics.


MORE RESOURCES:

Insurance - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Insurance Industry Bands Together to Make a Difference in North Carolina City - Insurance Journal


Insurance Journal

Insurance Industry Bands Together to Make a Difference in North Carolina City
Insurance Journal
A group of insurance and risk management professionals are working together to make a difference in one of North Carolina's largest cities. The group, Community Matters: Insurance Partners of Charlotte, started in 2012 to help raise funds to build a ...

Firms buy insurance 'in mad panic' as cyber-attacks soar - BBC News


BBC News

Firms buy insurance 'in mad panic' as cyber-attacks soar
BBC News
With cyber-attacks increasing in frequency and severity, many companies are turning to insurance to cover their mounting losses. But can insurers quantify the risk accurately and could insurance lead to corporate complacency? Many firms feel like they ...

and more »

5 Important New Insurance Executive Changes - ThinkAdvisor


ThinkAdvisor

5 Important New Insurance Executive Changes
ThinkAdvisor
5 Important New Insurance Executive Changes. Symetra's benefits division is getting a new head. Harry Monti (Photo: Symetra). Symetra Life Insurance Company has named Harry Monti to be the senior vice president in charge of its group life and ...

School system insurance benefits raise questions - Crossville Chronicle


School system insurance benefits raise questions
Crossville Chronicle
The Cumberland County school system may have under-collected more than $1.1 million in insurance premiums from certified personnel, Human Resources Director Liz Broderick told the Cumberland County Board of Education during the Jan. 6 work session. “We ...

Have expensive insurance? Thanks to Irma, it may soon go up - WTSP 10 News


WTSP 10 News

Have expensive insurance? Thanks to Irma, it may soon go up
WTSP 10 News
These cases often involve situations where AOBs have been signed over to a contractor who then has their claim denied by the insurance company. This leaves the policyholder in limbo, sometimes with unfinished work on their home, other times liable for ...
In first week of Session, Florida House took big steps toward insurance reform Florida Politics (blog)

all 3 news articles »

Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain - Bitcoin Magazine


Bitcoin Magazine

Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain
Bitcoin Magazine
“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to ...

and more »

Insurance billing notices threaten young adults' confidentiality - Reuters


Insurance billing notices threaten young adults' confidentiality
Reuters
By Ronnie Cohen(Reuters Health) - Young adults can remain on their parents' health insurance policies until they turn 26, but when they use it for counseling, pregnancy tests, addiction treatment or anything else, insurers frequently notify their ...

and more »

Another lesson from Montecito — even in semi-arid Southern California, we need flood insurance - Los Angeles Times


Los Angeles Times

Another lesson from Montecito — even in semi-arid Southern California, we need flood insurance
Los Angeles Times
Mudslide usually is excluded from typical home insurance. Instead, it is covered by flood insurance. And it is a reasonable bet that few inland Montecitans have flood insurance. Why would they? They simply couldn't conceive of being flooded out of ...

and more »

High-End Wealth Managers Are Embracing Private Placement Life Insurance (PPLI) - Forbes


High-End Wealth Managers Are Embracing Private Placement Life Insurance (PPLI)
Forbes
Private placement life insurance is becoming a staple on the high-caliber wealth manager's platform. Lacking this tool can often be a serious missed opportunity for financial advisors and their affluent clients. But, that need not be the case ...

and more »

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

DigyCat Domain Is For Sale - $105,000 For Enquiries eMail Us

© www.DigyCat.com - 2012

home | site map | links