Before you can decide if whole life insurance is suitable for you, you will need to be well informed on the key aspects of whole insurance.
So, what is whole life insurance? Whole life insurance is so named because its designed to stay in force throughout your life. In the first few years, when youre young, its cost will be low, so the bulk of the money goes to pay the agent and into an investment account. However, as you get older, the cost of insuring you increases, so less of your premium goes into the investment account. The money that goes into the account in the early years of your policy therefore grows. The cash value of your whole life policy is the amount youd get if you decide to surrender it.
Whole life insurance policys premiums are guaranteed throughout the life of the policy and so is your death benefit. However, the cash value of the policy will vary with the insurance companys investment performance. Normally, insurance companies invest the money thats building you cash value fairly conservatively. This enables them to try to keep up with the numbers you saw in a policy illustration. However, this also means that returns under perform other investments, such as stocks or equity mutual funds.
It can take some time to accrue any real cash value with whole life insurance. To get some notable cash value, you will need to keep going with it for about ten to twenty years. It can actually take closer to twenty years before the gain begins to look impressive. For this reason, you will need to be cautious with any insurance agent who tries to convince you to swap one whole life insurance policy for another so called better policy just a few years after you made your original purchase. You wouldnt have earned any cash value to speak of, and worse still, you may face high surrender charges for dropping the first whole life insurance policy. Some agents do this to keep their large commission checks coming in.
Here Are 4 Important Aspects To Consider With Whole Life Insurance Policies?
1. Commissions and expenses.
2. Cash value.
3. Dividends and interest.
4. The ability to adjust the death benefit.
4 Important Questions To Ask The Life Insurance Company
Before you commit to sign up for a whole life insurance policy, here are several questions you should ask an agent. These are just a few common questions to ask and some you may want to research yourself.
1. How much coverage do I need?
2. What type of insurance is best for me, whole life or term?
3. How can I get a discount on my life insurance policy?
4. What is your Standard & Poors ratings?
Fast online Internet access and the many web sites available enable you to easily compare and get quotes from several whole life insurance companies in a single day. Be sure to be honest with the health questions that you answer to get an accurate quote. Take time to decide what is best for you and your family.
Dean Shainin offers free online life insurance quotes. For more information, articles, news, tools and valuable resources on life insurance, visit this site: http://life-insurance.deans-knowledgebase.com Get free valuable online tips for saving money from his: Whole Life Insurance website.
Article Source: http://EzineArticles.com/?expert=Dean_Shainin
What Is Whole Life Insurance And Is It Right For You?
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50 comments:
Nice to read this article to decide the right insurance
Life insurance is very important topic please post more article on it and give us the interesting information.
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This article greatly explaining the whole life insurance and we get to know more about it after read it!
The most common consumer refinancing is for a home mortgage.
I think this insurance is only for rich people, since when you die you just have to die right? But the possibility is that your relatives will get something when you die. :)
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nice article which explained about whole life insurance. each and every aspect of life insurance was covered in this article. Thank you.
i will remember the questions that should be asked to the agent, they look very useful to me , thx for sharing
The most common consumer refinancing is for a home mortgage.
Knowing about insurance before join in it really important, so we can know that is right or not for us
The whole life insurance covers all risks and will get you lots of money if you die. Like you would care about that.
first i don't have clear idea about whole life insurance for that i am elgible or not also i don't but after reading these article it is some what better for me to understand
This article clarified all my doubts in the life insurance policy and whether it suit for me or not. I think i will take up whole life insurance plan.
article on whole life insurance is very useful for me, because it turned out whole life insurance is very useful for us. before, I do not understand it, I think following the whole-life insurance only add to the burden of my expenses only, thank you for the article ....
Each person should be able to choose the appropriate life insurance for him. One vote can lead to regret.
This article has been really useful in order to help me choose the right insurance.
Thank you
After I read this article I know now for sure which whole life insurance is more suitable for me, and I think now I am well informed enough. I'll keep an eye on future on this blog. Thanks!
whole life insurance.. very interesting.. start off with a moderate premium and when you're older it ads up.. that can only be a good sign..
A whole life insurance covers all risks a person could suffer and that's why it is so expensive.
Common law jurisdictions have evolved two main forms of mortgage: the mortgage by demise and the mortgage by legal charge.
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those aspect are utmost important whil considering life insurance. Yes sometimes insurance agent can misguide you, and you have to be very careful
life insurance as you insured your favorite car, you really love your car, and you do not want your car damaged or stolen. as well as life insurance, you need that insurance really keep you to a better life for you
good article i was unaware of this type of life insurance before but this article has made clear that whole life insurance is good choice
Whole Life insurance gives us peace to perform activities of daily living because of the guarantees provided by insurance providers. it is desperately needed by our families, too, so I concluded that the program live insurance is important, thank yo
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Life insurance is very important in one's life, you may never know what will happen to you any time, so its always better to have a life insurance policy
I read this article I know lot of information about whole life insurance. I am looking this type of article some day finally i find it. Lot of Thanks.
After reading this post finally I know about what is exactly whole life insurance. I will consider it before taking a life insurance
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Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss.
Thanks for the detail explanation on Whole life insurance. Personally, I feel that the whole life insurance is needed by everybody no matter you are healthy, sick, young or elder. Whole life insurance protected us and when we really need it, we will glad that we owned a whole life insurance.
previously, i have no idea to decide my life insurance. thanks for enlightment
This is a very well written and informative article. Every one is in detail step by step. I was searching for this type of article.
Finally I know what's going on in Whole Life Insurance. This article shows me new aspects of that kind of insurance.
Life insurance is needed for every human being.The article contains very important information about whole life insurance.Thanks for sharing.
James
Life insurance is the best think that you can give your family even after your death, so it is important to take a life insurance policy for every one.
Life insurance seems to be a pretty good idea... I mean if I died ofcourse I'd want my family to have something to get support of...
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