Standard Life Insurance

Standard Life Insurance (also known as Whole life insurance) provides you and your family with long term protection. Your life insurance premiums are based on your age, so the earlier you begin your policy the lower your rates will be.

Your premiums remain the same each year for the life of your policy. The coverage is usually until age 95, or lifetime protection. Unless you cancel your policy, or stop paying your premiums.

Standard (Whole) life insurance premiums are more expensive than term life insurance because the coverage is for your entire lifetime, and the policy builds cash value. You can take out a loan from the cash value in the policy.

Also, whole life insurance is not recommended for short term needs, such as, one-20 years. If that is all you need the protection for, then term life insurance can be much more affordable.

Standard (whole) life insurance has a fixed rate for your premiums and develops cash value over time with regular premium payments.

• Permanent protection.
  
  
• More expensive to own than term insurance.
  
  
• Builds cash value inside the policy.
  
  
• Loans are available against the policy.
  
  
• Level premiums throughout the policy.

• Always choose a level premium policy.
  
  
• Don't choose whole life insurance because of the cash value feature. Most policies don't start building cash value until the 10th-12th years, due to agent commissions.
  
  
• Choose the right period of coverage for your policy. This will keep your premium payments more affordable, and make certain you have the coverage when you most need it.
  
  
• Check the financial rating of your insurance company at A.M. Best. To make sure your insurance carrier has the financial stability to pay your claim in the event of your death.

When choosing life insurance, take your time and review all of your options. Don't buy expensive standard life insurance before considering if term life insurance meets your needs.