Whole life insurance is one of the simplest types of permanent life insurance available. It’s also one of the rare things in life that is with you for the long haul — just as long as you continue to make your premium payments after purchase. Below we’ll explore whole life insurance in-depth to give you a better understanding of its coverage, what it offers and how it helps protect those most important to you.
Whether you’re looking to replace lost income, cover final expenses or tie up the loose ends for your loved ones, there’s a whole life insurance policy out there to fit your needs. That’s because these policies are offered in a range of coverage amounts.
Whole life typically costs more than term insurance – but on the plus side, whole life policies have a fixed rate, regardless of how long you hold the policy. This is a huge benefit for those living on a fixed income. In addition, whole life policies can earn cash value over time.
In many cases you may need to get a health screening or answer some health questions along the way to help determine your fixed rate. Remember, just because you have a pre-existing condition — like high-blood pressure or diabetes — it doesn’t automatically mean you can’t get coverage.
Yes, whole life insurance allows for optional riders which can add special benefits for an additional cost. Some available riders include child term, travel accident, accidental death and disability waiver of premium depending on the specific policy. Contact an agent to discuss which riders may be most beneficial to you.
Now that you know a whole lot about whole life, take the next step and learn more by connecting with an agent
As your life progresses, converting your life insurance policy is something that you may consider.
Life insurance can be used to help charities that are close to our hearts.