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Whole Life Insurance

Whole Life Insurance

One of the basic types of permanent life insurance is whole life insurance. The other types include universal life, variable life and variable universal life.

Highlights of Whole Life Insurance

There are many common benefits available with whole life insurance. These include:

  • A steady premium throughout the policy
  • Coverage available all along your life
  • Cash value accumulation
  • This type of insurance is preferred for long range goals

Whole Life Insurance Premiums

The premium in case of whole life insurance policy remains the same for the entire life of the policy. The high rate of premium cost is to keep the rate same all through the life of the policy. The premium in the beginning will be higher than normal, but with the passage of time, the cost takes into account the aging status. The “overpayment” made in the early years is normally used to pay claims as well as investing and in the later years, it is used to pay off the cost, as you have less income with aging.

Whole Life Insurance Coverage

In simple terms, a whole life insurance policy provides protection to you for your entire lifetime. In addition, if the policy is not changed, there are no further medical exams required in future.

Whole Life Insurance Cash Values

The cash value develops tax-free over time through a portion of the premiums that is paid into the whole life insurance policy. The cash value thus developed could be borrowed against, paid back to you (if still alive at 100 years of age or you cancel the policy) or pay off to your beneficiaries after your death. It must be remembered however, that borrowing an amount against your policy will result in decrease of the death benefit.

Drawbacks to Whole Life Insurance Plans

Similar to different permanent life insurance, whole life insurance premiums are costly. However, the whole life insurance is economical with the passage of time, as there is no increase of premiums and the value of the policy builds value.

Another important point to consider is that the small rate of return is less for whole life polices in comparison to other investments. It is advisable not to depend solely on the investment portion of a permanent life insurance policy and to make your own independent investment choices.

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