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whole life insurance

W hole Life Insurance is a basic type of permanent life insurance that can provide a lifetime protection. Premiums must generally be paid for as long as the policy is in force. Whole Life Insurance policy differs from Term Life Insurance in that it provides investment options. A share of the premium goes for life insurance, while the remaining premium amount goes into an investment account. This account can be either an interest-bearing account or a variable (stocks and bonds) investment account. You can instantly calculate the amount of whole life insurance you require with our whole life insurance calculator. Get your Free Whole Life Insurance Quotes from us in minutes!

Unlike term insurance, a whole life insurance policy pays a death benefit no matter when the insured dies. Naturally, the premiums usually need to be paid for the duration of the lifetime as well. When you first take out whole life insurance quotes for a policy, the premiums can be several times higher than you would pay initially for the same amount of term insurance. But they are lower than the premiums you would eventually pay if you were to keep renewing a term policy until your later years.

Major Benefits of Whole Life Insurance Policy:

  • A Whole Life Insurance policy will cover your entire life assuming you pay the premiums regularly.
  • Premiums usually remain the same.
  • The cash value grows on a tax-deferred basis. If you should decide to cash in your policy, you'd only be required to pay tax on the net gain.
  • One of the many advantages of whole life insurance is that it can eventually become Paid Up. This could mean that you are no longer required to pay premiums.
  • Insurance protection with saving benefits.
Depending upon the premium payment period, the types of whole life insurance are divided into two. "Straight life", "ordinary life", "whole life", and "continuous premium whole life" – are the common terms used to describe the first type of whole life insurance contracts. The second type of whole life contract is termed as “limited payment whole life insurance” contracts.

There are some living benefits of whole life insurance policy as compared to term life insurance. Through the cash value build-up in the policy, a policy owner has a ready source of funds that may be borrowed against. These funds could be used for anything from an emergency to pay off a mortgage, and so on. In addition, since whole life insurance is considered property with a cash value, it may be used as security for loans. However, if a loan is outstanding at the time the insured passes away, the amount of the loan plus any interest will be subtracted from the death benefit before it is paid.

We at Cheap Insurance Rates know how important your life insurance is to you, that is why we provide you with several whole life insurance plans. Our cheap insurance rates for whole life will help you find one that best personally suits you. If a whole life insurance policy doesn't suit you, we also offer a wide variety of other forms of life insurance for you to choose from.

Quick Points

Things it comprises of :
It pays a death benefit to the beneficiary you name and offers you a low risk cash value account and tax-deferred cash accumulation.

It provides a fixed premium which can't increase during your lifetime as long as you continue to pay the planned amount.

It allows the insurance company to exclusively manage the cash value account in your policy.

It provides you the option to receive dividends from your policy or apply them to reduce payments.

It offers you the right to withdraw from the policy during your lifetime.

Things it does not comprises of :
It doesn't offer the account flexibility to invest in separate accounts such as money market, stock, and bond funds.

It doesn't allow you the account flexibility to split your money among different accounts or to move your money between accounts.

It doesn't offer premium flexibility.

It doesn't offer face amount flexibility.




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