Shop for whole life insurance.
Buying life insurance is a big decision. You’re not only choosing to pay for something that will provide protection for the people you care about if and when you die, but it’s also a significant investment of your money. It stands to reason that you want to make the best decision possible, so that your money is not wasted and your loved ones not left without the protection they need. When it comes to whole life insurance, nothing could be more true. Whole life, which is a form of permanent life insurance, is more expensive than term life insurance and has some unique characteristics that one should keep in mind when making their insurance decision.
With a whole life insurance policy, the insured can expect to be protected for the duration of their life or at least until age 100. This means that no matter when they die, their loved ones will be paid the policy’s death benefit and likely the policy’s cash value as well. What’s a cash value? When you pay premiums for your whole life policy, part of the money goes to cover the death benefit and part is invested to build wealth in a cash value. The insured can borrow from this fund of money or even use it to pay their premiums in the future. For many people, it’s a great way to get the protection they want while building a tax sheltered fund.
While there are many obvious benefits that come from owning a whole life policy, the drawback is that this policy does cost more. With that being said, if a lifetime’s worth of protection is what you’re after, the coverage you receive will be well worth the investment.
There are ways to make a whole life insurance policy less expensive, too. One way is to contact the team of agents here at TermLife-Insurance.com and to have them request rates on your behalf. By working the relationships they’ve built with top industry providers, these agents can help you save hundreds of dollars off the price of your policy. Contact us to learn more about whole life insurance and whether or not it’s the policy for you.