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Last month, we talked about term life insurance and how it works.  But today, I want to talk about another important kind of life insurance called whole life insurance.

What is it and how does it work?

Whole life insurance covers you for your whole life.  Simple right?  While term policies might only last for 10, 20, or 30 years, a whole life policy never expires (as long as you keep paying the premiums!)  

Whole life policies also build up a cash value over time, meaning that they are worth more than just the initial death benefit when they pay out.  (We can show you projections for the cash value and explain it in more detail when quoting your policy.)

What is a big benefit of whole life over term?

One of the biggest benefits to whole life insurance is that you don’ have to re-qualify for coverage over time.  So if you start the policy while you’re young and healthy, you’ll lock in those rates for life…no matter what health conditions you might develop later on.  

With term life insurance, you start the policy and 20 years later, when it’s time to renew, you may have developed diabetes or become overweight.  At this point you might not be able to qualify for life insurance or the rates may be way out of your budget. 

Whole life policies let you avoid that risk and lock in great rates now.  

How do I get life insurance?

We can help!  To give an initial quote, we only need to know your date of birth, smoking status, and general level of health.  Some policies may require a physical exam or medical records, it just depends on the coverage.

Call us today to find out if term or whole life insurance is right for you!

 

Posted 8:00 AM  View Comments

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