Whole life insurance (also called permanent life insurance) is life insurance with a zero-risk policy that extends throughout the policyholder's entire lifetime. Depending on your lifestyle, whole life insurance may or may not be right for you, which is why you should look for other types of life insurance coverage and find affordable quotes online.
Whole life insurance gives policyholders a monthly premium for life that would neither increase nor decrease. This has both positives and negatives to you and your wallet:
Your premium stays the same, always. In a widespread epidemic where the average human life lowers substantially, life insurance rates will rise. However, since your life insurance premium is forever locked in a fixed rate, you will still pay the same rate without breaking bank. Unfortunately, if a cure for diabetes or cancer occurred, life insurance premiums will lower, but your fixed monthly premium will not.
Paying an expensive premium. Whole life insurance is usually the most expensive of the insurance policies. Yet, having an expensive monthly premium means that some of the money will go into a special savings program. If you have a whole life insurance policy for a long time, you will earn money in the form of interest or dividends by cashing it in or borrowing against it.
Your policy is completely fixed. With whole life insurance, you will have fixed mortality costs and expenses; cash value investment risk is practically nonexistent here. Still, there is a downside; you will not be able to change the amount you put for a death benefit, nor can you suspend or vary your premiums.
Whole life insurance all the way. Since this type of life insurance has a zero-risk policy, the life insurance company takes on the probability of you dying in any way, shape or form. If you stick with the coverage, you will be able to accumulate a lot of money in the special savings program, and at a certain age, payment on premiums could cease. However, you will have to invest 20 years or more for a reasonable return.
To avoid the crazy market highs and lows, you should invest in whole life insurance and commit yourself to saving. InsuranceAgents.com is able to assist you in finding whole life insurance quotes right away by filling out their quote form online. Let us find quality insurance agents that will help you find the perfect whole life insurance quote for your family.
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