10 Of the Best Features of Life Insurance that are overlooked

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Buying life insurance coverage is among the most significant financial choices customers make. Yet they frequently know hardly any concerning the options that come with their plans, so that they neglect to make the most of them.

Listed here are 10 of the very generally overlooked options that come with life insurance coverage plans and why they are vital that you you like a insurance holder.

Waiver of premium. This feature pays the premium of the policy should you become seriously ill or disabled.

Faster dying benefit. This feature enables you to definitely receive payday loans from the dying advantage of your policy if you are identified having a terminal illness. Lots of people with this particular benefit make use of the money to assist purchase treatment along with other expenses whether they have only a short while to reside.

Guaranteed purchase option. With this particular feature, you can buy coverage at designated future dates or existence occasions without showing you are in good condition.

Lengthy-term care riders. Some existence items include this method, which enables you to employ the advantages of your policy to cover lengthy-term care in return for a lower existence benefit.

Spouse or child term riders. Existence guidelines with this particular feature permit you to purchase term life insurance coverage for the spouse or dependent child, as much as age 26. This method could be a less expensive method to purchase coverage if you cannot afford separate guidelines.

Cash value plans. This kind of policy pays out upon your dying as well as builds up value throughout your daily life. You should use the money value like a tax-protected investment, like a fund from which you’ll borrow and employ to pay for a policy rates later.

Mortgage protection. This feature, typically available on term existence guidelines, pays your mortgage should you die.

Cash distributions and financial loans. Many universal and whole existence guidelines permit you to withdraw or take a loan, while using cash worth of a policy as collateral. Rates of interest are usually relatively low. You may also make use of the cash worth of your existence policy to pay for your rates if you want or wish to stop having to pay rates for some time. You are obligated to pay the borrowed funds or perhaps your receivers will get a lower dying benefit.

Survivor support services. Some existence guidelines offer services that offer objective financial and legal help receivers.

Worker assistance programs. This feature makes assets open to you for issues that can impact your individual and professional existence. Assets are often free and help address issues for example drug abuse, stress, marital problems, legal concerns and major existence occasions.

“Customers need to know their life insurance coverage guidelines so that they don’t overlook important features that may be important to their livelihoods,” states Shaun Koll, assistant v . p . of product for Colonial Existence & Accident Insurance Provider. “Make certain you’ve got a copy of the policy, you know in which you ensure that it stays which another person in the household also knows in which you ensure that it stays. You could request a duplicate of the policy out of your insurance provider if you want it. Additionally, evaluate your insurance policy every so often to make certain it’s right for your stage in existence.”

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48 thoughts on “10 Of the Best Features of Life Insurance that are overlooked”

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  9. Hey it really is a truly fascinating enjoy, It does present one food stuff with regard to believed, We are really completely happy When i landed for your blog, I want to get life insurance but I am new to it. I’m scared I might get a bad deal. What are the life insurances I can get in Houston Texas? Any tips to remember in getting them?Term life insurance is considered the most affordable among all types. This can help you protect your beneficiaries within the term. Therefore, expect that it would not cover you for the rest of your life not unless you extend it. However, sometimes they become more expensive as you age and some premiums decrease over time.

  10. A life insurance salesman told me that I should go with a whole life insurance plan here in Houston, Texas. Aren’t whole life insurance policies for old people only? I heard Whole life insurance policies are not necessarily just for the elderly or senior citizens. In fact, these days almost anyone can get a life insurance policy. However, that doesn’t mean that you have to jump into the very first offer presented to you there in Houston, Texas. One of the most important things to remember when buying life insurance is to purchase a policy that best addresses your financial goals and requirements, especially in the long run.

  11. After began to go through first sentences of post i did not sense that it may be advantageous info for my situation although now I am seriously grateful that I found this webpage to browse. Semi-hypothetical question: if a husband has had an insurance policy on his wife’s life of a substantial amount, with himself as beneficiary, does she has any recourse if, for example, the marriage is beginning to break up and she has reason by virtue of his behavior to believe that her husband might take some action causing her death, such that she could revoke her permission to be the named insured on the policy?

  12. Once you have decided that you are going to buy the best life insurance plan possible to insure your family’s financial future, getting the best coverage is paramount. Adding a life insurance rider to your basic policy can help accomplish this goal. A life insurance rider is supplemental coverage which can be added to your policy to give you more coverage or extend the policy benefits. Depending on your individual goals or needs, riders can add extra protection that can be extremely useful. There may be some restriction on certain riders like your age or health, but the majority of life insurance riders can be purchased for a little extra premium payment. They vary from insurance company to insurance company and also vary in price.

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  14. According to a recent survey conducted by MetLife, sixty percent of parents of special needs children don’t expect those children to be financially independent. However, 68% of those same parents haven’t written a will and 29% have not done anything to plan for their child’s future. While it is understandable that many of these parents are so strapped for time that they haven’t done any significant financial planning, not knowing where to turn for help also presents an obstacle to financial planning for a special-needs child’s future. The prospect of their special needs child surviving them is not one many feel comfortable discussing, but it is a subject that parents should embrace sooner than later. One of the major barriers, apparently, is the lack of available specific financial planning information, according to 66% of the parents in the survey. The following statistics from the MetLife survey further confirm the absence of sufficient planning for these children.

  15. Adjustable life insurance differ from other life insurance products because there is no requirement to cancel or purchase additional policies as holders’ circumstances change. Adjustable life insurance policies are best suited for individuals who want the protection and cash value benefits of whole life insurance along with an increased measure of flexibility. With the ability to modify payments, coverages and terms, holders can customize their coverage as their incomes and family responsiblities grow and change through the years.

  16. With a whole life policy, as long as you continue to pay your premium, the policy does not expire. In reality, whole life provides insurance coverage lasts until the person reaches the age of 100 to 110 depending on the carrier with whom you have the policy. Considering that most folks will not live past their 90’s, we still do consider these policies to be “permanent.”

  17. Insurance agents have a story they can sell even harder than usual. But that doesn’t mean you should buy it.
    The recent market meltdown breathed new life into a much-maligned financial product: permanent life insurance. Part insurance policy and part savings account, permanent life’s main benefit—safety—has suddenly become a big part of the pitch. While sales of “term life”—the bare-bones, low-cost insurance that young families have favored for decades—declined by 12% in 2010, its third consecutive drop, permanent life is heating up. One variety, “whole life,” saw sales rise by 2% in 2010, according to industry-funded research firm Limra, while sales of the other type, “universal life,” surged 21%while insurance agents are quick to tout permanent life’s virtues—in part because it carries high commissions—the factors driving the decision of which insurance to buy haven’t changed because of the financial crisis. For most people, term life still offers the best combination of coverage and cost. But for some wealthier folks looking to build tax-deferred savings, permanent life can be a good option. Term life provides a death benefit for a specific period, such as 10 to 20 years, and premiums are generally set at a flat rate; only a small percentage of policies sold to people in their 30s and 40s ever pay out. Permanent life is meant to be in place your entire life, paying out upon your death, whenever it is.Until recently, permanent life was widely considered stodgy, needlessly complicated and a bad bargain to boot, what with its hefty agent commissions and other costs and the slow buildup of value in the savings account. The accumulation is so slow in part because commissions typically eat up the entire first-year premium, and then run about 5% a year for the next few years before dropping off.All those caveats generally still apply, but sales have jumped as life insurers have done a good job promoting permanent life’s safety benefits and playing on consumers’ fears about the stock market.Under the hottest-selling types of permanent life, the savings component is invested in bonds—which generally held up well during the market meltdown. Big sellers of permanent life such as Guardian Life Insurance Co. of America, Massachusetts Mutual Life Insurance Co., New York Life Insurance Co., Northwestern Mutual Life Insurance Co. and TIAA-CREF continued paying healthy dividends or interest to their policyholders, a feat some have noted in recent marketing campaigns.But it isn’t fair to compare the stock-market crash with the performance of an investment based largely on bonds. An investor could have bought cheaper term insurance, plunked the rest into Treasury bonds, and done well during the financial crisis. The old argument for buying term insurance and investing the rest still applies, advisers say.In short, term life remains the best choice for most people, says James Hunt, an actuary with the Consumer Federation of America, a nonprofit advocacy group based in Washington. It is the lowest-cost way to get the most coverage for a shorter period, and it is easy to walk away from a policy if you find a better deal or your needs change, he says.Permanent-life policies, in contrast, generally need to be held for at least two decades for the savings component to beat a bond-based buy-term-and-invest-the-difference strategy. That’s because the savings account expands so slowly in many of the policies pitched to consumers—thanks largely to big upfront commissions.Many buyers underestimate how difficult it can be to keep up with the high premiums, and end up walking away from a policy early. According to the Society of Actuaries, which studied data from the early 2000s, 26% of whole-life policies are terminated in the first three policy years and 45% in the first 10 years. So why bother with permanent life at all? The real appeal is that the savings account builds up on a tax-deferred basis—no small thing to upper-income families who fear rising taxes to pay for the nation’s huge budget deficits. The tax breaks are especially attractive to those families who have maxed out on 401(k) accounts and other tax-advantaged savings vehicles, advisers say. Much of the money can be pulled out without triggering any taxes whatsoever, assuming the policyholder is careful about following the rules.

    In considering a permanent-life purchase, you need to think through how long you need the coverage to be in force and “make a judicious decision that your cash flow—through good times and bad—will be enough to pay the required target premium,” says Victor Muro, who runs Financial Integrity Strategies Inc., a New York insurance and investment-advisory firm.
    Stark Difference

    The difference in premiums can be stark. A 37-year-old man recently could get a $1 million, 20-year level-term life policy for as little as $495 a year, according to Term4Sale.com, a comparison website. By contrast, a low-cost universal-life policy from TIAA-CREF could cost the same man $4,933 a year in premiums—though at the end of 20 years, this consumer would have about $150,000 in the cash account, based on the insurer’s current 5% interest rate.

    The Consumer Federation’s Mr. Hunt often recommends TIAA-CREF to shoppers who are good candidates for permanent life because, he says, its costs are some of the lowest around and its current interest rate is competitive. Most publicly traded insurers have offerings with much steeper costs, and they pay lower interest. TIAA-CREF is a financial-services firm known for a focus on serving educators and nonprofit groups, but it also sells to the general public through staff, and analysts say it has some of the lowest sales costs in the industry.

    How would a buy-term-and-invest-the-difference strategy fare versus a permanent-life policy? The term-life buyer would take $4,438—the difference between the term-life and permanent-life premiums—and invest it steadily. Depending on his returns and tax rates, he could lag behind or come out ahead.

    For example, if he invested the money in bonds and earned a 5% annual return, after 20 years he would end up with $126,306 after taxes, assuming he was in the 35% tax bracket, according to financial planner Allan Roth of Wealth Logic LLC in Colorado Springs, Colo. If he invested in a stock portfolio that earned 8% annually, he would come out with $180,812 after taxes, assuming a 15% long-term capital-gains rate—but would have taken more risk. And if he bought the permanent-life policy and cashed it in after 20 years, he would net $134,686 after taxes.

    A couple of points to bear in mind: If the permanent-life holder cancels and pulls out all the cash value, taxes would apply to any gains at ordinary-income rates. On the other hand, if income or capital-gains tax rates were to rise, that could tip the balance toward permanent life.

    Richard and Misty Knight would seem ideal candidates for term life. Mr. Knight is 40 years old and Ms. Knight is 37, and they have two daughters, eight and six. But the couple, both professors of Human Communication Studies at Pennsylvania’s Shippensburg University, bucked convention last fall and bought two $225,000 whole-life policies.

    How do they justify their decision? They have stable jobs and benefits that include full pensions. They have a 15-year home mortgage and little other debt, so they feel confident they can afford the higher premiums of their two MassMutual whole-life policies—a total of about $7,000 a year—and will benefit from the tax-advantaged build-up of the savings account.

    They also have exposure to stocks through their 403(b) and individual retirement accounts. After the financial crisis, bond-based whole-life was “more appealing,” Mr. Knight says.

    For the time being, the Knights are still holding on to two $150,000 term policies they own through their employer, since they are relatively inexpensive. But as the policies need to be renewed and the premiums rise, they say they may drop some of this coverage.

    Here’s a guide to helping you shop for life insurance, once you decide which kind of policy is best for you.
    Buying Term Life

    Term policies are typically sold to cover periods between five and 30 years, though at least one insurer, Primerica Inc., now offers 35-year policies. “Guaranteed level-term” policies, in which premiums stay the same for the designated coverage period, are popular because they allow buyers to lock in a price for the entire term.

    There usually is a gamble involved: A 10-year policy will have a lower annual cost than a 20-year one, but if you become ill and still need insurance at the end of the 10 years, buying a new policy can prove costly—if you can get one at all.

    If you are in excellent health, you may want to shun the convenience of “rapid issue” and “simplified issue” policies, something insurers are pushing these days as a way to speed up the sales process, advisers say. With these approaches, insurers forgo the customary blood work and urine samples. The best prices usually require giving a blood sample, actuaries say. And you will generally pay less if you choose to make one larger annual premium instead of monthly or quarterly payments. The monthly-to-annual price difference is 12% at Primerica, for example.

    It is easy to compare term-life policies, thanks to websites such as Term4Sale.com. Unlike some other quote-service sites, Term4Sale.com doesn’t require shoppers to disclose contact information, so you won’t be setting yourself up to receive annoying calls from agents.
    Buying Permanent Life

    Permanent-life policies vary widely across the industry and are hugely difficult for ordinary consumers to understand, much less compare. You want a policy in which the savings account starts building in value quickly—and many agents aren’t likely to steer you in this direction, because it will cut into their commission.

    Your best bet may be to hire a fee-only insurance adviser who can help you cut costs using a strategy known as “blending.” This involves structuring a policy to include significant amounts of term-life coverage and “paid-up additions,” a low-commission form of permanent-life coverage that supplants the term coverage over time.

    The strategy helps for this reason: A policy’s savings component is funded by a portion of each annual premium, after adjusting for sales-related costs, the cost of providing the death benefit and the insurer’s administrative expenses. Under many policies pitched by agents, premiums from the first year or two are mostly eaten up by these costs, leaving little for the savings component. The costs mean it can take seven or more years before your savings equal what you have paid in premiums, less the cost of the death benefit.

    You can pay $85 for the Consumer Federation of America to compare a policy you are thinking of purchasing with a buy-term-and-invest-the-difference approach. (You can learn more about this service at EvaluateLifeInsurance.org.)

    In addition to recommending offerings from TIAA-CREF, Mr. Hunt often favors “mutuals,” which are insurers owned by their policyholders. That means they don’t have to split profits with publicly traded shareholders. Among the biggest are Guardian, MassMutual, New York Life and Northwestern Mutual, all carrying strong claims-paying-ability ratings.

    Some well-to-do buyers pay more than the required premium amount, stuffing as much into the policies as they can under complicated tax-code rules, aiming to withdraw some of it later for retirement income or other purposes. Consumers should consult with a trusted adviser or tax attorney in such withdrawals.
    Splitting the Difference

    Still undecided? You can buy a term-life policy that converts into a permanent one, without medical qualification. In practice, that means you have the option to buy a pre-approved universal-life policy before your term ends. You should look for a conversion feature that allows the purchase of any permanent-life policy sold by the insurer, at the latest possible date.

    One plus of convertible term-life policies: Professional investors in the “life settlement” market, who ordinarily wouldn’t buy term policies, are willing to buy convertible ones. If you sell to such investors, they take over responsibility for premiums in return for receiving the future death benefit. A sale would help you recover some of the money spent on premiums, but it is only for those who can stomach a stranger having a financial stake in their demise.

  18. President Obama’s proposed budget for 2013 would impose sweeping tax hikes on the insurance industry, including a restoration of 2009 estate tax rules, and sustaining the portability between the estate and gift taxes as contained in current law, but at a maximum lower level. Obama’s proposed budget would also call for an increase in the SEC’s budget level in 2013 to $1.566 billion, which is a 18.5% increase over the SEC’s 2012 appropriation.

    The one nugget is another proposal from the past, this one aimed at providing an incentive for small employers to establish retirement plans for their employers.

    Under current law, small employers (those that have no more than 100 employees) that adopt a new qualified retirement plan (or SIMPLE plan) are entitled to a temporary business tax credit equal to 50% of the employer’s expenses of establishing or administering the plan, in­cluding expenses of retirement-related employee educa­tion with respect to the plan. The credit is limited to a maximum of $500 per year for three years.

    The administration said in conjunction with the automatic IRA proposal, to encourage small em­ployers not currently sponsoring a qualified retirement or SIMPLE plan to do so, it wants to double this tax credit to a maximum of $1,000 per year for three years (effective for taxable years beginning after December 31, 2013) and to extend it to four years (rath­er than three).

    Other provisions of the proposed budget include:

    Estate tax would be turned back to the level that existed in 2009 of a $3.5 million exemption and a maximum tax of 45%. Currently, the exemption is $5 million and the maximum tax rate 35%.
    Similarly, generation-skipping transfers (or GSTs) made after Dec. 31, 2012, would be taxed at a maximum tax rate of 45% with a life-time exclu­sion of $3.5 million. Gifts made after Dec. 31, 2012, would be taxed at a maximum tax rate of 45 percent with a life-time exclusion of $1 million.
    As reflect­ed in the adjusted baseline, the portability of unused es­tate and gift exclusion amounts between spouses would be made permanent and would apply to anyone dying after December 31, 2012.
    Establishing a minimum term of 10 years for grantor retained annuity trusts.
    A special tax on financial institutions with assets of more than $50 billion. It is designed to raise approximately $60 billion over 10 years. The tax was proposed earlier in order to pay for losses associated with the Troubled Asset Relief Program, but opponents point out that the program is nearing solvency, and that for that reason is unlikely to be supported by Congress.

    Despite such sweeping ambitions, however, analysts point out that the budget, as proposed, has virtually no chance of being enacted in law.

    Ryan Schoen and Sam Leaman of Washington Analysis said most of the proposals are already contained in the budget for the current year, which did not gain traction in Congress.

    “Such policies will not pass muster in the Republican-controlled House,” Schoen and Leaman said.

    In fact, they added, “the President has made these proposals the last two years, and they have not gained traction on either side of the Hill, even in the Democratically controlled Congress in 2010.”

  19. As long as you pay the premiums and the coverage is in force, it pays to your beneficiaries the face amount or death benefit. The death benefit is not taxed. Many life insurance policies also have a accelerated death benefit feature included, which can be requested while you are still living and gives a percentage of the death benefit upon diagnosis of a terminal illness. A straight life insurance policy covers death due to accident or illness. However, there are also accident only life insurance policies that are much cheaper to purchase.

  20. While many policyholders struggle to figure out how much life insurance they need, many of those with existing coverage simply don’t understand the important features of the policies they own. I find it valuable to emphasize these 10 commonly overlooked features of life insurance plans with policyholders when communicating with them about their benefits:

    1. Waiver of premium. This feature pays the premium of a policy if a serious illness or injury causes the policyholder to become disabled.

    2. Accelerated death benefit. This feature allows policyholders to receive cash advances against the death benefit of their policies if they’re diagnosed with a terminal illness. Many people with this benefit use the money to help pay for treatment and other expenses when they have only a short time to live.

    3. Guaranteed purchase option. With this feature, policyholders can purchase coverage at designated future dates or life events without proving they’re in good health.

    4. Long-term care riders. Some life products include this option, which allows individuals to use the benefits of their policies to pay for long-term care in exchange for a reduced life benefit.

    5. Spouse or child term riders. Life policies with this feature allow policyholders to purchase term life insurance for their spouses or dependent children, up to age 26. This option can be a more affordable way to purchase coverage for those who can’t afford separate policies.

    6. Cash value plans. This type of policy pays out upon a policyholder’s death and also accumulates value during their lifetime. Individuals can use the cash value as a fund from which they can borrow and use to pay the policy premiums later.

    7. Mortgage protection. Some term life plans are designed to provide mortgage protection for homeowners, typically paying a decreasing benefit that corresponds to the outstanding balance of the mortgage.

    8. Cash withdrawals and loans. Many universal and whole life policies allow policyholders to withdraw or borrow money, using the cash value of the policy as collateral. Interest rates tend to be relatively low. Individuals can also use the cash value of their life policies to pay their premiums if they need or want to stop paying premiums for a period of time. Policyholders must pay back the loan, or your beneficiaries will receive a reduced death benefit.

    9. Survivor support services. Some life policies offer services that provide objective financial and legal assistance to beneficiaries.

    10. Employee assistance programs. This feature makes resources available to policyholders when they have problems that can affect their personal and professional lives. Resources are usually free and help address issues such as substance abuse, stress, marital problems, legal concerns and major life events.

    Advantages of voluntary

    LIMRA research shows that 57% of people who are under-insured prefer to buy life insurance face to face. And 18% of them prefer to purchase at the workplace.2 Voluntary life insurance can be an important part of a company benefits package and can help meet the needs of employers and employees. This coverage can be sold as a complement to company-provided life insurance or as a standalone offering. Because it’s typically employee-paid, voluntary benefits allow employers to expand their benefits packages at little to no additional cost. Some other features of voluntary coverage include:

    • Portability. With individual policies, the employee, not the employer, owns the policy, which means workers can keep their policies if they leave their jobs.

    • Simplified underwriting. Both guaranteed issue (no health questions for underwriting) and simplified issue (minimal health questions for underwriting) are available, if participation and eligibility guidelines are met.

    • Variety of life insurance plans. Employees now have choices in plans to meet their individual needs when it comes to protecting their families and building cash value.

    Voluntary life coverage, when offered in conjunction with one-to-one benefits counseling sessions, can be an especially effective combination in an employee benefits plan. In fact, almost 60% of employers believe one-to-one benefits counseling sessions can strongly improve employees’ understanding of their benefits and their coverage needs. And 55% of employers rely solely on this type of benefits communication and education method.3 Companies that work with insurers to improve benefits education can boost participation in their programs, which helps ensure employees have the coverage they need to protect their families and their lifestyles.

  21. When deciding what term to take for your insurance, take a look at what will need to be done with that money. If your children are newborns, a 25 year term policy will make sure that they are cared for if anything happens to you before they are able to financially take care of themselves. If you have a 30 year mortgage on your home, considering making that your term to protect your home while its being paid off.

    Always be truthful when applying for life insurance. Disclose all of your information truthfully, so that your insurance company has no reason to contest your coverage. Upon your death, the insurance company will review your policy information. Any withheld details could cause the insurance company to deny your insurance claim, which will deprive your remaining family from any insurance proceeds and defeat the purpose of all of your insurance payments.

    If you would prefer a permanent life insurance policy but can only afford term insurance, buy a convertible policy. At any point during your term policy, you can choose to convert to permanent life insurance. This helps keep rates lower when you are younger, and as you advance in your career your budget might have more room for permanent coverage. You will not have to take any medical exam to convert, which is important if you have developed any health conditions.

    Dont ever lie on a life insurance policy application. While it may seem like a tempting idea to say, for example, that you dont smoke when you do, lying on your application is grounds for your insurance coverage to cancel your policy when the deception is eventually uncovered. Tell the truth and shop around for the best price instead.

    A lot of people with no dependents believe that they do not need life insurance. Well, someone has to bury you. You have some family or friends somewhere, and you probably do not want to burden them financially on top of grief. Even if its a small policy, its better than purchasing nothing at all.

    Consider term life insurance to provide education funds for your children. Especially if you are a single parent, term life insurance is a very affordable type of protection that can provide for college costs and other expenses for your children. Once your kids have finished their education, you can drop the coverage.

    When purchasing a life insurance policy it is vitally important that you are completely 100% honest when answering questions about past medical history and other items raised such as drug use. An insurance claim can be declined if it is ever determined that the initial information provided was not true.

    Some life insurance companies may suggest that you purchase a mortgage insurance policy, which pays off your mortgage should you die. However, it is wiser to take the amount of your mortgage into account when purchasing coverage for a term life insurance or whole life insurance policy. This makes more sense because your mortgage steadily declines over time, although your mortgage insurance premium does not. In the long run, it is more cost effective to include the amount of your mortgage in with your life insurance policy.

  22. Great post. I just stumbled upon your blog and wanted to say that I have really enjoyed browsing your blog posts. In any case I’ll be subscribing to your feed and I hope you write again soon!

  23. A whole life insurance is an insurance policy that covers the policy holder’s entire life. As part of the whole life insurance policy, holders will be charged a level premium which in turn will build-up a cash surrender value. It also provides security against creditors, regulation of the savings, safety of principal, and the low cost term life insurance beneficiaries regularly receive the money tax-free.

    The policy holder can loan or borrow the accumulated cash value if he decides to cancel the contract. The holder can avail of a reduced interest rate in comparison with other lending firms. If the policy holder revokes the insurance policy or unable to pay the cost of whole life insurance premium, the insurance company will not give the benefits for a whole life policy.

    A death benefit is given to the policy holder if he reaches the age of 100 to 120. This type of whole life insurance coverage is known as continuous premium whole life insurance. This assures a lifelong coverage to the policy holder. The face value of the policy will be given to the policy holder if he lives and reaches the age of 100 to 120. In whole life insurance a part of the holder’s premium will be used for other assets as the holder’s investment which in return gains a cash value.

    For young professionals who earns a small wage, modified whole life insurance is suitable for them because it enables them to pay a cheaper premium. This is one term life insurance age 41 of different types of whole life insurance. The premium will increase after a specified time assuming that the policy holder’s income is also increasing.

    There is also a limited-payment life insurance for older people who do not want to keep paying their premiums by the time they retire. For this kind of insurance the policy holder has to pay his premiums for a limited time only. The policy must be fully paid before or at the end of the term. 10, 20, 25, or 30 years are some of the common terms. By this time the policy holder won’t have to pay any premiums but will still remain protected until his time of death.

    Compared to other insurance a whole life is more costly because during the early phase of a person’s life he needs to be protected because of his responsiblities that requires some security, but later in life these responsibilities will decline. Making this a significant downside of whole life insurance. As an affiliate marketing alternative to investing on more substantial returns, the acquired sum can be used to compensate for the substantial premiums of the policy. Most insurance companies do not divulge the percentage of the return on investment of the policy making it difficult to compare it with other forms of investments. Inflation also affects the cost of the insurance policy reducing its value.

  24. There are good arguments on both sides. What’s everybody’s opinion on this? Mine is whole life and I have no idea what DH’s is. I need to look into it. Plus we have a supplemental policy through our credit union. I need to pull out all the policies and see if there’s one we can eliminate and save some bucks every month. I think the one through the credit union is higher on DH than the other policy he has.

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