Low Cost Term Life Insurance Quotes
We offer low cost term life insurance quotes for all types of individuals. Regardless of your health record or age, we will do everything possible to find the best term life insurance rates for you. Our quote engine will search a database of the most competitive carriers in the industry to offer you the opportunity to save 30% - 70% on your life insurance policy!
Facts About Whole Life Insurance
What is whole life insurance?
Whole life insurance provides a death benefit and an accumulating cash value. By definition, it has a fixed premium and a level death benefit to age 100. The premiums don't increase with age, which averages the cost of the policy over your life. The cash value increases with time until it equals the death benefit at age 100. Whole life insurance is also known as Ordinary (or Permanent) life insurance. This type of policy never has to be renewed or converted. The cash value is an amount of money that you are guaranteed to receive in the event of policy cancellation. You also have the right to borrow against the cash value on a loan basis.
What types of whole life insurance are available?
There are several variations of whole life insurance. The most common are:
- Modified Premium Modified Premium policies typically have a lower fixed premium for the first 3 or 5 year period, at which point premiums increase. Modified policies work well for individuals that expect to improve their financial condition.
- Graded Premium Graded Premium policies are similar, except the premium increases each year for the first 5 years, and then becomes fixed after that. Another common version of whole life is Limited-Pay.
These policies are used when whole life protection is needed, but can't be afforded. These policies are a variation that make it possible to stop premium payments at the end of a specified time period without a reduction in the death benefit. In other words, the policy becomes fully paid prior to age 100. The most common examples of this are 10 Payment Life, 20 Payment Life, or Life Paid up at 65.
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