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Why Whole Life Insurance Coverage
If you think your Term Life Insurance doesn’t quite suit your family's needs anymore. You should check your policy as most have a convertibility feature that can switch to a more permanent type of policy with lifetime benefits and features.
If you’re looking for long-term life insurance that fits the needs of your family or business you may need a whole life policy where it can serve you for your lifetime and need not worry about term periods.
Now that we mentioned it… Let’s talk about whole life insurance. What are the benefits of this permanent plan? Also, why choose this over term life insurance.
Guaranteed Premiums & Death Benefit
What Is Whole Life Insurance? It is a well-known type of permanent life insurance. It provides coverage for the insured the duration of their life as long as the premiums are paid.
The good thing about whole life insurance is, it also contains a savings portion called “cash value” saving components in which the cash value may accumulate alongside the death benefit.
Whole Life Insurance has a guaranteed death benefit that can help replace a family’s loss of income, mortgage payments, educational needs, and other expenses. Over time, these policies can build cash value that grows tax-deferred.
How does Whole Life insurance Work? A whole life policy provides lifelong coverage for you, your family or business interests. As long as you pay premiums on time, your beneficiary will receive the benefit amount upon your death.
These permanent plans have the opportunity to build up cash value inside of the policy. Whole life insurance provides fixed premiums and fixed death benefits.
Because this policy gives you fixed premiums and death benefits you don’t have to worry about the increase in premiums as you age.
Also, your family will also know how much to expect the death benefit they received once you’ve passed away.
Types Of Whole Life Or Permanent Policies
If you think about getting permanent life insurance and you believe it is the best fit for you and your family. You have to consider these additional varieties that will help you understand and will give you more flexibility and greater investment opportunity. These are three types of permanent life insurance that will encourage you more to get this policy.
Universal Life (UL) Insurance or Adjustable Life Insurance: Meant to be a more flexible-premium option for you. The policyholder will decide how much premium will he/she pay within the range. Universal life insurance splits into two components: A. covers the cost of life insurance and B. for the amount of saving components. There is also a UL policy with affordable premiums in exchange for a slow accumulation of cash value.
- Variable Universal Life (VUL) Insurance: It is a combination of Variable and Universal Life Insurance. This is one of the most popular policies because it allows the policyholder to select a wide range of investments. This opportunity has pros and cons, your cash value and death benefit may increase if the investments perform well, however they might also shrink considerably under poor investment performance. The policyholder should carefully think about the risks before purchasing it.
- Participating or Non-participating Whole Life Insurance: A type of permanent insurance where the policyholder decides whether he/she allows receiving dividend payments from the life insurance company. A “participating holder” is entitled to share in the surplus earnings of the company, while “non-participating” does not have the right to receive a share in a company surplus earnings. Dividends are not guaranteed based on the year-to-year they are paid. If you are a participating holder you take the dividends as cash or use it to pay for premiums.
Term Life vs. Whole Life
Whole Life Insurance and Term life insurance provides the same benefit; to ensure you and your family’s future. Term life insurance provides cheaper premiums because it is temporary and has no cash value, while the whole life insurance which is more expensive than term insurance provides a lifetime commitment and has saving components that can accumulate and can be accessed anytime.
Why choose Whole Life Insurance than Term Life Insurance?
From the word itself the whole life, this
“living benefit”
can be accessed during your whole lifetime. The best thing about choosing whole life insurance is the cash value, a whole life policy can serve you as a source of emergency funds, if something goes wrong, it can give you a safety net. The cash value can be used for anything, anytime.
Benefits of Whole Life Insurance
Although it is more complicated and expensive than term life insurance, whole life insurance is the most simple form of permanent life insurance. With whole life insurance, the premium stays the same for as long as you live. The death benefit is guaranteed. And the cash value account grows at an ensured rate.
Cash Value - Protection - Guaranteed Premiums
Whole life insurance gives you the confidence to know that the people you love are protected—both now and later. Not only will it pay a benefit once you’ve passed away, but it also has benefits you can use while you're living because it builds a cash value over time.
Choosing whole life insurance is the best for your family’s needs, not just because of its benefit but also it will serve you for a lifetime. If you still doubt the benefits of getting life insurance, just think of it as a partner in life. A partner in life that will help and will support you for a lifetime.
Get Online Term Life Quotes
Everyone pretty much knows they need life insurance! Here you can get quotes and review the rates at your own pace. When ready to proceed we can help you "no pressure" or salesmanship here!
Quick Video Below That Walks You Through Getting Your Online Life Insurance Quote
Online Life Insurance Quote Engine!
Life Insurance Carriers We Work With
As independent life insurance agents here in Boise. Our office has the opportunity to work with the nations top carriers. Most of them do a great job but we know which can help you get the absolute best rates during the underwriting process. This comes from years of experience in the wholesale and retail marketing channels.
Some of the top companies to consider based off of experience:
- Gerber Life
- Foresters
- Banner Life
- Transamerica
- John Hancock
- American General
- West Coast Life
- Prudential Financial
These are a small sample of our great life insurance partners. We work with dozens more and it depends on the rates and underwriting or health issues. Once we know more about your situation we can really narrow down the best choice. We offer free online quotes for you to review for yourself what your rates may end up being after approval from the company.
Please Call Us With Any Questions.
Boise Health & Life Insurance Agency - Serving Boise The Treasure Valley & Idaho