Whole Life Insurance Advice

Whole life insurance provides you with long term protection. Your premiums are based on your age, so the younger you begin your policy the lower your rates will be.

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

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

Also, whole life insurance is not recommended for short term needs, such as, 1-20 years. If that is all you need the protection for, then term insurance can be much more affordable.

Whole life insurance has a fixed rate for your premiums and develops cash value over time with regular premium payments. Compare whole life insurance quotes.

• 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 whole life insurance before considering if term life insurance meets your need. Compare Whole Life Insurance Quotes.