See How Whole Life Insurance Benefits You
Details of each whole life insurance benefit will be listed and explained here on this page but first let us get an overview of what whole life insurance is about.
Whole life insurance is permanent life insurance that maintains a level premium and a level face amount for as long as you keep your policy…even if it is to age 100.
That is why it is referred to as permanent life insurance as compared to term life insurance which is kept in force for a specific period of years.
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- Cash Values
A prime whole life benefit is the cash value contained in the policy. Although the premiums are higher than term insurance premiums these cash values tend to offset the extra premium over time.
In many a case the total cash value plus the dividend…if any is earned…at the end of 15 or 20 years will return all premiums paid if the owner of the policy should decide to terminate the policy at that time.
Dividends, however, are not guaranteed but are based on the investment and expense experience of the life insurance company. The policy owner can take loans from the cash values of their policies.
They should, however, be repaid because if they are not the death benefit of the policy will be reduced by the amount owed plus any outstanding interest.
- Death Benefit
An important whole life insurance benefit is the death benefit. This is what life insurance is all about…isn’t it?
The policy proceeds can be paid to the beneficiary either in one lump sum…the usual method of payment…or the beneficiary may elect to have it paid in the form of a monthly income. There are several income options to choose from.
- Policy Riders
Another great benefit of owning a whole life insurance policy is that you can add several different riders to your whole life insurance policy. You can add various types of term policies to enhance your death benefit.
Some companies even allow you to add these term riders on different members of your family.
For example, you may choose to add a $50,000 term rider on your wife and a $10,000 term rider on each of your children. These certainly are great whole life insurance benefits…don’t you think?
Another whole life insurance benefit is the waiver of premium rider. You add this rider at a very low cost. Also available is the accidental death benefit rider otherwise known as the double indemnity rider. This is certainly a great life insurance benefit.
There are considerably more benefits to the whole life insurance policy. Get an illustration and examine more of them.
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