Today no one can be without insurance as there are pitfalls in life and you have to be prepared in the event you lose your job and have to replace your income or pay off your mortgage or have enough money for the kids’ educational needs. The two main types of policies are term and permanent insurance. Term is for a period of time, and whole life is for the rest of your life with cash accumulating in the policy. The main difference however between whole and term insurance is that with term you make an arrangement to pay an amount of money for a stipulated period of time such as ten, twenty or thirty years during which your premium does not change. At the end of that term you can negotiate a new rate for a new term.
Whole life versus term
With a whole life policy you are providing coverage for the rest of your life. Term insurance covers your needs for a certain length of time and you have to buy a new policy at an increased rate. Whole life insurance builds up a cash value where you eventually do not pay anymore and you are still covered. These whole life policies are great even for children as they build up and at some time in the future they can use the cash value for their education. The two types of permanent coverage are whole life and universal life. Because the company is on the hook for a very long time with whole life, the cost of whole life insurance is more. You decide between the two; one offers guaranteed cover for a period of time and you continue to pay; the other protects you for the same premium for the rest of your life with a cash value at the end.
Whole life insurance for men
Men pay higher rates for insurance whether term or whole life and the company targets males and are familiar with the common health conditions such as high blood pressure, coronary artery disease and other ailments such as diabetes and obesity which are common problems for men. As the company has helped many men get affordable life insurance coverage with these health risks they know which companies provide the best cost.
Universal Life is a flexible policy as you can decide whether you want to continue paying premiums for a certain amount of time. Of course if you do not pay every month, your cash value will reduce unless you have had the policy for many years and it has accumulated a good cash value. If you have a good cash accumulation you can opt for a payout of the cash value or leave it in the policy so the cash value can pay the premiums. Remember, there’s no cash value with term life insurance. If accumulating cash value is not important, you can opt for the next best thing; a guaranteed universal life policy to age 100. You decide.
Whole life insurance quotes
There are two ways to get a whole life insurance quote. Either call the company to request an illustration or run an instant online quote using the form provided. Request an application and in the message indicate that you are interested in knowing the cost of whole life insurance. A representative will call you to follow up.