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Whole Life Insurance

Whole life insurance is a type of permanent insurance that will protect your family when you die, no matter when it happens. Choosing whole life insurance gives a kind of security unrivaled by other life insurance policies. Unfortunately, whole life insurance and its benefits come with a price tag; it is significantly more expensive than term life insurance. By using a free quote tool like the one above, you will be able to find the best price on whole life insurance with very little time and effort on your part.

 

Benefits Of Whole Life Insurance

There are many benefits of whole life insurance versus other types of life insurance offerings. Some of these include:

  • Cash value: The policy has a cash value and can be cashed in, if you cancel. It also earns dividends in certain cases, which can be applied towards more coverage or cashed in. There is also a guaranteed growth rate for the value of the policy.
  • Tax Advantages: The growth in the value of the whole life policy is tax-deferred. Withdrawals and loans made from it also have tax advantages.
  • Stable Premiums: Throughout the life of the policy premiums remains the same.
  • Guaranteed pay out: As long as you keep paying on your whole life insurance plan, it will remain in place and will pay the set death benefit, minus any loans or withdrawals, upon your death.
  • Security for family: It offers solid security for your family, as there will definitely be death benefits to help replace lost income when you die.

 

Disadvantages Of Whole Life Insurance

Some of the disadvantages of whole life insurance are listed below:

  • More Expensive: Whole life insurance is much more expensive than term life insurance, making it less appealing to many people.
  • Not Adaptable: Whole life insurance offers a guaranteed amount of coverage paid out when you die, no matter what the age. When your children are grown and finished school and you are retired with very few debts, your need for life insurance is usually greatly diminished. With whole life, you cannot adapt it to your needs.
  • Withdrawals reduce the benefits to beneficiaries: If withdrawals or loans are taken against the policy, it will reduce the amount paid out as the death benefit, when the time comes.

 

Whole Life Insurance Quotes

Who has time to look for quotes, compile the information and make the comparisons anymore? The Internet's offerings of free online quote tools makes it a simple proposition for anyone looking for insurance. By answering a series of easy questions just once, you will be rewarded with quotes from a variety of insurers in your area.

Use our online quote tool above and get your quote on whole life insurance now!

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