Is Whole Life Insurance Right For You?
Author: Matther Corvet
Basically when you are looking at life insurance quotes there are two types of insurance for you to choose between. There’s Term Life and Whole Life.
This article will deal with the advantages of Whole Life insurance.
Initially, the first time you get whole life insurance quotes, you may feel that you cannot afford this type of insurance. A whole life quote will be more expensive than a term life insurance quote for the same size policy. So why would you choose whole life over term life?
There are a couple of very good reasons. For one, the monthly rate quote you receive for your whole life policy never changes no matter how long you live. The same can’t be said for any rate quote you might get for a term policy.
A whole life policy begins building a cash value, similar to a savings account, after a period of time. This savings feature can be tapped, at a very low interest rate, for such things as the purchase of a home, paying college tuition, or even taking that cruise you’ve always dreamed of.
You are not even required to pay back the money you borrow against your policy. Just keep in mind that anything owing to the policy when you die will be deducted from any pay-out your heirs receive.
Even though your whole life insurance quote will be higher than a comparable term life insurance quote, there are ways that you can reduce your life insurance rates.
Start by not smoking. Or, if you do smoke, quit. And don’t think that using chew is an alternative – chew will increase your life insurance rates as well. If you’re overweight, drop a few pounds. Even if you can’t lose a lot of weight, loosing even a little may place you in a lower premium bracket and that could potentially save you hundreds of dollars a year.
Don’t drive a sports car or ride a motorcycle. Sports cars and motorcycles as well as extreme hobbies such as rock climbing and parachuting can add hundreds of dollars a year to the cost of your life insurance.
Get your policy sooner rather than later. In other words, if you wait until your next birthday to get your policy you can count of paying more. The sooner you sign up and less you will pay every month.
Get your whole life insurance rates online and buy your policy online. Online brokers don’t have the same overhead as a brick and mortar broker and so they can offer discounts of 20% or more every day of the week. That makes it really pay to get your life insurance quote online
So as you can see, there are several advantages to a whole life policy. The two major advantages are a level premium payment for your entire life and the cash value which builds over time and which you can access as needed at a very low rate of interest.
And don’t forget. If you really want to save a bundle on your policy get an online life insurance quote and buy your policy online. Life insurance is all about the future, after all, and when it comes to buying your policy the future – the internet – is already here!
