5 Advantages of Having Whole Life Insurance

images4If you opted for whole life insurance, we congratulate you. But before applying, read more about these 5 advantages of having whole life insurance and get whole life insurance quotes online:

  • Whole life insurance is a permanent life insurance. This means that it become available for lifetime right from the moment you have signed in the contract. The only ways in which it can expire is by not paying the premiums or when the policyholder dies and the beneficiaries cash in the death benefit. Otherwise, you should not be worried about expiration date.
  • You no longer have to periodically undergo medical exams and fill in a huge amount of paperwork. This is another major advantage of having a permanent policy. You do not have to renew it and verify again and again that you are eligible for life insurance.  Everything is done once.
  • Premiums are kept the same level. The vast majority of whole life policies keep the premiums at the same level for the whole duration of the policy. This means that even if you get older or sick during coverage, these factors will not influence the cost.  But do not be that excited. You should know that premiums are not that cheap and are heavily influenced by the age and health on the application date.
  • Whole life insurance has an investment component. Besides saving your money, the insurance company will invest a part of your money in different market product, typically mutual funds. If those investments are profitable, you will get a part of the profit. You are allowed to cash in the money or to add it to death benefit. Moreover, you can use the money to pay the premiums.
  • Numerous riders are available for this policy. The most useful and commonly used life insurance riders are: waiver of premiums, return of premiums, final expense insurance and accidental death and dismemberment.

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