Unbiased Whole Life Information
I take some time for a little whole life insurance advice.
The term life advocates are so vociferous about their dislike of whole life insurance in every form that they have some people thinking that there is no advantage to buying whole life insurance.
Let me make myself absolutely clear…the first piece of whole life insurance advice. Life insurance was invented to take care of a family’s financial needs in the event of the death of the breadwinner.
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Because of the low premium term life insurance will be the best type of life insurance for most people. Why? It simply takes a lot of life insurance to provide sufficient income for the family to maintain their accustomed standard of living. My advice is buy your term life insurance but I want to also give you some whole life insurance advice.
You may find whole life insurance useful in many ways. If you can handle the initial higher premium you may be fortunate enough to have a dividend that is sufficient to reduce your premiums considerably. Bear in mind the amount of your dividend depends on the investment performance of the life insurance company. It also depends on how well they do in keeping their expenses down. Dividends are not guaranteed.
Here is some invaluable whole life insurance advice. Use the whole life policy as a base. For example you may buy a $100,000 whole life policy to which you can add a term insurance rider. Your term rider could be for may be $300,000. That would give you a total of $400,000 low cost life insurance. You then use your dividends to reduce premiums…that could, after a few years, make your premiums even lower. You would still have your untouched cash values in case you should be in need of cash.
Whole life insurance has a guaranteed death benefit for as long as you own the policy even if it is to age 100. Your premium is also guaranteed. As long as you own your policy the premiums can never be increased by the life insurance company. There are other dividend options than the one mentioned above.
Here is some good whole life insurance advice. You may use your dividends to purchase paid up additions. Paid up additions a little whole life policies which are fully paid up. These additions increase your death benefits, they have a cash value and they earn dividends if the company performs well.
Dividends can be paid to you in cash. The life insurance company will draw a check and send the money to you when the dividend is declared. The dividend can also be left to accumulate interest. You will be surprised at the power of compound interest at work. After 10 or 15 years this can amount to a considerable amount of money.
The best whole life insurance advice I would give is to suggest you look at the policy bearing in mind the above suggestion. If it makes sense and fits into your financial situation, buy it.
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