The Benefits Of A Whole Life Insurance Policy

What are the benefits of whole life insurance? A whole life insurance policy covers you for your entire life, not just for a specific period of time. Can I obtain a whole life insurance quote?  Absolutely; and here are some of the ways you can.

By going online, you can access a whole life insurance quote and determine the amount of insurance you need to protect your family in the event of your death. Whole life insurance can help you pay accrued debts in the event of your death; it can provide enough money to cover expenses in order to avoid having to sell any personal possessions; and it affords a cash value to supplement your retirement.

How do you acquire whole life insurance? Once you have chosen a whole life insurance policy and purchase it, the accrual of its cash value begins after the first year. The cash can be used to buy a home; pay for your children’s college education; and can be utilized for other family emergencies. If you choose to cash in the dividends which have been accrued, you can. With a whole life insurance policy, the insurance will be paid out to your beneficiaries and will not be taxed.

The most common choices among whole life insurance are: traditional, interest-sensitive, and single-premium whole life. Traditional guarantees a minimum rate of return on your cash value portion. Interest-sensitive affords a variable rate on your cash value portion. Note that with interest-sensitive whole life, you can have more flexibility with your policy such as increasing your death benefit without having to raise your premiums. A single-premium is for an individual who prefers to purchase a policy outright. This type of insurance accrues cash value and has the same tax shelter on returns.

A whole life insurance policy guarantees that a portion of your premium goes towards your cash value which could more than likely pay off your entire policy only after a few years. Your premium will also remain constant during the time you are covered, unless you choose otherwise. By researching and obtaining a whole life insurance quote either online or by telephone, you can then contact the appropriate company and set up an appointment to further discuss your needs.

Insurance professionals would recommend life insurance not be used exclusively as an investment, and that judging your policy choices on the protection it affords and not just on the return it gives should be of utmost concern. However, if you are in need of a whole life insurance quote, check out the various companies online. It is important to remember that your main concern should be the protection of your family in case they need to be taken care of in any eventuality.