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What to Know About Whole Life Insurance

Whole life insurance is a type of life insurance that pays a benefit on the death of an individual who is insured, and it also accumulates cash value. Whole life insurance is flexible and offers permanent coverage to protect your family’s financial future.

About Whole Life Insurance

Whole life insurance is a traditional life insurance policy that provides a death benefit, as well as a cash value build up. Whole life insurance polices never have to be renewed and will provide coverage until your death, as long as you pay the premiums.

Benefits of Whole Life Insurance

Whole life insurance has a variety of features that will benefit you and your family in the event of your death. The payout is determined in advance by you and is guaranteed to be paid to your beneficiaries in the event of your death. Some companies will allow insurers to stop payment on premiums once you reach a certain age, yet coverage will continue. You have the choice to pay a monthly or annual premium with a while life insurance policy, if you are under the age of 60.

Premiums for Whole Life Insurance

A whole life insurance premium will remain the same for the length the policy is in place. As with most policies, your premium depends on you. Typically, younger individuals will pay a higher premium with whole life insurance. Older individuals will see a lower premium than with a term life insurance policy. A portion of your premium payment will factor into the cash value of your policy. This investment is guaranteed to grow at a specific rate. Additionally, income taxes do not need to be paid on the growth in tax value.

How Much Whole Life Insurance Do You Need

Factoring the amount of whole life insurance you will need to purchase depends on a variety of factors. Consider all of your assets, debts and sources of income. Look at how much you spend annually on household expenses. Consider covering your family’s standard of living for a length of time when determining how much to invest in life insurance.

How to Buy Whole Life Insurance

Once you’ve decided that whole life insurance is best, you should compare companies and quotes before purchasing insurance. There are many companies out there offering great deals and whole life insurance, but not all are reliable. Look into the company’s financial history and reports before contacting them. Check out what other policyholders are saying about them. It’s also important to obtain whole life insurance quotes to compare. Note that companies offer different policies with various benefits and prices. Make sure you’re comparing your needs to what they have to offer.

Whole life insurance is a great investment for your family. It will help put you at ease knowing that your family will have the money to pay for expenses in the event of your death.

Recent Testimonials

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Somehow my husband and I decided that we wanted to buy a life insurance plan for our only son because we felt that was the responsible thing to do. I’m glad I did and through this website.
Bimbo Banker, Lagos
Before now we’ve always discussed getting life insurance, although we didn’t seem to ever make up our mind. Our fears were demystified by the helpful support we got from this site and I’m glad we have one now.
Uche Software Engineer, Abuja