Stay Protected: Access Online Whole Life Insurance

At one point or another we all need to decide if we want to take out a whole life insurance policy for ourselves. When you have the financial ability to do so, it is better that you get one for yourself. There are definite advantages of whole life insurance compared to term life insurance. In the rest of this article we will discuss why whole life insurance is always a better option and things to consider for buying whole life insurance quotes.

Solution for life

With a whole life insurance you will never have to worry again. Yes you will have to keep paying premiums all your life. But the very same fact also ensures that you are always covered. In the case of term insurance, you are covered only for a certain period and once that period is over you will have to get a new policy. There are, however, companies which do provide whole life insurance where you pay the premium only once. And then there are those where you will have to pay the premium once every fifteen years.

Level Premiums

One great thing that you will notice if you go through the whole life insurance quotes is that they require you to pay level premiums. Yes you will have to pay the premiums for your entire life. But there wouldn’t be cases like your premiums jumping up a few levels as it does in the case of renewing a term life insurance policy. Since you have to pay the same premium, the earlier you get yourself insured the less you have to pay per installment.

Dividend

Another great advantage with whole life insurance quotes is that they can pay dividends. A person gets a dividend from a whole life insurance policy only when the actual life insurance costs are less than the premium one pays. In case of such an event your insurance company may return a portion of the insurance premium to you. However, there is no guarantee that a company will definitely provide you with a dividend. Not all companies offer such an option. So don’t take this as a given, check what’s written on the policy papers. And in any case, no company could guarantee you dividends as there are no way they can calculate your medical costs in advance.

Guaranteed Cash Values

With term life insurance the money you invested does not accumulate cash value. But when you read the whole life insurance quotes you would see that a portion of the money you have paid towards the premium of your policy accumulates as guaranteed cash values. So if you ever decide to discontinue the policy you will receive your guaranteed cash values. Even if you have not surrendered the policy you can have benefits from it. For example, you can get a policy loan against your current policy.

What you receive as guaranteed cash value depends on the kind of policy you have. The amount you pay as premium, the length of time you have had it, etc.