5 Advantages of Having Whole Life Insurance

Purchasing permanent life insurance can be an advantageous long term solution. We present you 5 advantages of having whole life insurance:

images61)      Whole life insurance offers permanent protection. Whole life insurance is probably the most known and appreciated form of permanent life insurance.  Universal life insurance and variable universal life insurance are other forms of permanent insurance.  Once you have obtained whole life insurance, it will never expire if you keep paying the premiums. You will not have to periodically renew the contract and submit over and over again to the same tedious underwriting process.

2)      Whole life insurance has fixed premiums. This is one of the major advantages this policy has. It confers predictability and helps the insured gather enough money for the next payments. Premiums remain at the same level, even if the insured gets sick. Unlike term life, age will not make the premiums rise.  However, applying when you are old, will make all premiums automatically more expensive.

3)      Whole life insurance has cash build components. Everything you save will utterly build extra cash with a certain interest rate and will be added to ulterior death benefit. Furthermore, every penny achieved through this cash build component is tax-free.

4)      Whole life insurance has an investment component. This policy can also be successfully used as a vehicle to gain money, due to its investment component. If the company selects profitable market product in which to invest your premiums, you will be rewarded with a portion of the profit. The money are also tax-free.

5)      Whole life insurance can be made more effective by adding different riders.  The most common riders that can be added to whole life insurance are: accidental death and dismemberment, waiver of premiums, return of premiums, long term care and accelerated death benefits.

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