If you are considering buying a life insurance policy and you don’t like the fact that term life insurance comes to an end, you should consider a whole life insurance policy.
What Is Whole Life Insurance
Whole life insurance is a permanent life insurance that never expires and can only be cancelled by the customer by either neglect of making payments or requesting the policy to be closed. A traditional whole life policy will offer a “cash value”, with a cash reserve that builds up against the death benefit. These whole life policies credit interest to the cash value account over time and upon maturity of the policy (around age 95 or 100), the cash value will equal the death benefit. Whole life policies also have level premiums, where your monthly premium never goes up or down.
When doing a whole life insurance comparison, note that there are several types to choose from: Participating, Non-participating, economic, indeterminate premium, limited pay, no exam whole life insurance policy and single premium whole life policy. Another newer type, known as interest sensitive whole life, is also available. Some states classify whole life insurance differently and most insurance companies offer different types of whole life insurance.
However, if you are only looking for a whole life insurance policy to cover your funeral cost, burial cost, medical bills and other outstanding bills and costs associated with your death, then we recommend not worrying too much about all the different types of whole life insurance and, rather, just focus on no exam whole life insurance policies (either on a monthly payment plan or you can do a single pay whole life policy where you pay all your payments in one payment).
This type of no medical exam whole life insurance is easy to get approved for and doesn’t take much of your time. As long as you can say “no” to a few questions on the insurance application and your medical history matches up to your answers, then you will qualify for the cheap whole life insurance rate quote that we send to you.
We have child whole life policies, adult whole life policies and senior whole life policies. Click here for a quote today.
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