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The following article was published in our article directory on September 6, 2013.
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Is Whole Life Insurance the One for You?

Article Category: Advice

Author Name: Jim Lee

Getting an insurance policy is only practical at this day and age when unexpected loss could bring a heavy financial burden to the surviving family members. There are plenty of life insurance products that you can choose from including final expense, term life, or whole life insurance.

Understand that although they can provide the needed security, different policies offer different benefits. If you want something that can provide both insurance and investment component, then whole life is the one you need.

Getting Ready for Whole Life

Whole life insurance will pay the beneficiary in your policy a specific amount of money in the event of your death. This type of insurance product gives coverage during the insured's lifetime for as long as the premiums are paid. This is in contrast with term life which only covers you for a certain period of time. Since it offers more protection, whole life is more expensive.

Once whole life coverage has been approved, it cannot be reduced, revoked, or cancelled without your consent except in the event of non-payment or fraud. Whole life offers certain degree of certainty that you will surely find appealing. The primary advantages of this type of insurance are:

It offers protection for life unlike term life. It does not expire and its value does not go down.

The rate of your policy premium will not increase and will remain level.

A part of your monthly payment actually builds cash value which you can withdraw or borrow against in case of emergencies.

There is a guaranteed amount for your loved ones to receive in the event of your death.

The decision to purchase term life or whole life is really a matter of choice. You should also consider your age, intended coverage, and financial capacity. Whole life policies are more expensive than other insurance policies with the same coverage amount. You need to carefully determine the amount of coverage that you need. Although whole life premiums remain level, your major concern should be the adequacy of coverage that you need.

At a glance, whole life offers more protection. If you have the financial capability to pay for it, it is best to get ample coverage with a whole life insurance policy. The cash value of your policy in whole life can be borrowed against or used as collateral for a loan. The cash value is shielded from creditors because the insurance is intended to benefit your family and so the protection extends to the accumulated cash in the insurance policy.

There are other insurance products that can complement a whole life policy. An annuity, for example guarantees payouts every month. This gives you financial provisions for the time when you no longer have a regular income to rely on. In this sense, annuities are for living benefits while whole life policies are for death benefits. Other more sophisticated insurance products that combine benefits are available nowadays to maximize your money. It would be a good idea to consult an insurance specialist for more information about whole life insurance and other insurance products that will complete your protection portfolio.

Keywords: indexed universal life insurance, tax free retirement income

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