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.
Flexibility
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.
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