Saturday, December 8, 2007

Whole Life Insurance Advice – Important Whole Life Insurance Components

by Jessica Farrell

Not one of us is going to live forever. It’s a fact that many of us don’t want to think about; however, not thinking about it isn’t going to make it any less painful when the day does come that we leave our family members and loved ones behind. Not only are we going to leave them with sadness, but we may also leave them with accumulated bills, including medical bills, as well as funeral costs.

Purchasing a life insurance policy will help ensure that our families and loved ones won’t have to worry about any of the financial difficulties or strains that almost always arise in the even of death. Purchasing a whole life insurance policy will take care of three important concerns: costs, coverage duration, and cash value. Below you’ll find information and advice about these three whole life insurance components.

Most whole life insurance policies have permanent, level premiums, so the earlier you purchase your whole life insurance policy the better. Your rates won’t skyrocket as you get older.

Unlike term life insurance policies, whole life insurance policies cover you for life. Although term life insurance policies are ideal for people who only want coverage for a certain amount of time, with a whole life insurance policy you won’t need to worry about your coverage coming to an end.

Also unlike term life insurance policies, whole life insurance policies accumulate cash value. You can receive these cash values if you ever decide to surrender your policy. You may also take a policy loan against these cash values at your insurance’s current policy loan rate. It is important to remember that if you should surrender your policy or die while a loan is taken out, your cash value or death benefits will be decreased. The cash value accumulation component of whole life insurance policies might be the most popular feature as it acts as an investment component and can even provide you with financial security should you encounter an emergency.

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Whole Life Insurance Advice – Important Whole Life Insurance Components



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