Whole Life Insurance

Whole life insurance is a popular life insurance plan because it provides permanent protection, provided premiums are paid. The advantages of whole life insurance plans are cash values, maturity at age 100, and living benefits. Also the policy's premiums and benefits remain constant throughout the policy's life.

Unlike term life insurance, which provides only death protection, whole life insurance combines insurance protection with savings benefit. The cash value of this type of insurance builds over the life of the policy. This is because whole life insurance plans are given a certain guaranteed interest rate. The interest gained is credited onto the policy and grows over time. This cash value is also the amount of money the policy owner will receive if the policy is ever canceled. The whole life insurance cash value is generally figured out based on the face value of the policy, the duration and amount of premium payments, and how old the policy is.

Another benefit of whole life insurance policies is that they are designed to mature at the age of 100. The premium rate for a whole life insurance is based on the assumption that the insured would be paying premiums until the age of 100. This means that at age 100, the cash value of the policy has come to the point when it equals the face amount of the policy. At this point the policy has completely matured, no more premium payments are owned, and the policy is completely paid out to the policy owner.

The living benefits of a whole life insurance policy is, through the cash value accumulation build-up in the policy, that a policy owner has a ready source of funds that may be borrowed against. These funds could be used for anything from an emergency, to pay off a mortgage, or for your child's education. In addition, because life insurance is considered property with a cash value, it may be used as collateral for loans. However, if a loan is outstanding at the time the insured passes away, the amount of the loan plus any interest will be subtracted from the death benefit before it is paid.

Premiums for a generic straight whole life insurance plan provide level protection with level premiums, from the time the policy is taken out until the age of 100. Even though whole life premiums are calculated as if they are payable to age 100, they don't have to be paid that way. There are several types of whole life insurance that have been developed to accommodate a variety different people. Limited pay whole life insurance is one of these many types of whole life insurance. This type of insurance has level premiums that are paid until a certain period of time. For instance, a 30 year limited pay whole life insurance policy is one in which premiums are paid for the duration of 30 years. Even though you wouldn't be paying premiums after the 30 years, your life insurance protection and cash value are calculated to the age of 100.

We at My Life insurance know how important your life insurance plan is to you, that is why we provide you with several whole life insurance plans. This allows you to find one that best personally suits you. If a whole life insurance plan doesn't suit you, our company also offers a wide variety of other forms of life insurance for you to choose from. We also have absolutely no application fees, so your whole life insurance quotes are provided to you free of charge.

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