What is whole life insurance

What is whole life insurance?

What is whole life insurance  Whole life insurance refers to a life insurance policy that pays a lump sum on death. In some cases the insurance company may also pay the claims should the policy holder be diagnosed with a critical/terminal illness such as cancer.

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Today’s world is fast-moving; people are so busy that most seldom find time to give to themselves. It is a rat race with each person striving to create a secure and safe future for themselves and their families. It is quite worrying that most people forget to think about the future of their family should some fatal calamity befall them! Whole life insurance is one sure way to guaranteed to take care of your family in case the inevitable happens.

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Description of whole life insurance

As mentioned, whole life insurance also called permanent or straight life insurance is a policy in which the insurer pays a lump-sum in the event of death of the policy holder. In other cases, early diagnosis of a terminal illness may also result in the said payment. The only requirement expected from the policy holder is timely payment of premiums.

To answer the question; what is whole life insurance, you will have to keep into account that this policy is just like any other insurance policy; it wholly depends on the premiums. There are many different ways in which the policy holder can pay the premiums. Some policies have a single or fixed-periodic premium whereas others require one to pay the premiums in flexible time-frames.

Why you should take whole life insurance

Unlike term life insurance, a whole life insurance policy protects the policy holder’s family/dependents in the event of death. Term life insurance on the other hand is limited to a specified time at the end of which the policy holder is paid. The policy is specifically aimed at the policy-holder as opposed to his/her dependents. Depending on the type of term-life insurance, the insured may benefit from bonuses.

Identifying the best whole life insurance company

There are literally thousands of insurance companies offering whole life insurance policies; the problem is how do you identify the best? Here are some tips;

The internet also provides an excellent platform from which you can learn about the best and affordable insurance providers around.

There have been a lot of arguments pertaining whole life and term life insurance policies. Most argue in favor of one or the other but at the end of the day, it is all up to you. It would be a great idea for you to visit an insurance company and talk to them. You’ll be advised on the best way forward.  I hope you now understand what is whole life insurance.

Related Links:

Top Whole Life Insurance Companies

Whole Life Insurance Quote

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