Is Whole Life Insurance Right for You?Article Posted by Expert Author: Adam Foley on 08/14/2013
If you take the time to compare life insurance companies, you find that you are faced with a whole lot of terminology; Whole Life insurance is one that you see a lot. So, what does the “whole” actually mean? What makes this type of policy different than other varieties, and why is it such a popular option with the five major players in the life insurance industry?
Whole life insurance is actually a type of permanent life insurance. What makes it so attractive to the average person is that it features guaranteed premiums, cash value and death benefits. Regardless of age or health, your premium is guaranteed not to change for the policy’s life. Since death benefits are guaranteed, you can have peace-of-mind knowing that beneficiaries will receive the face value, and since it offers guaranteed cash value, it will grow every year until it reaches the policy’s face value. Are you wondering if you should be looking at Whole Life coverage when you compare life insurance companies? Well, if you want protection for life, and you need your payments to stay the same, this may be your best option. Plus, you reap the benefits of having cash value that you can actually use while you are still alive.
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