Whole Life Insurance Available Online
Getting a whole life insurance online quotation is a very interesting and exciting thing to me. I recall the days when an agents first contact with a prospective client was by cold calling or by telephone after the client was referred by someone else.
Those were good days but the new online quotation method is better as the prospects are more targeted. You are only contacted after you indicate you want to be contacted.
In some cases you can buy your Whole life insurance online…thanks to the mighty P. C.
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The Whole Life Insurance Policy Basics
When it was created the whole life insurance policy was intended to be an endowment to age 100. You buy your policy, say at age 25, and if you live to age 100 you get back all the money you paid into it. Quite a good deal if you live to 100. What if you died? If you died anywhere between age 25 and 100 the life insurance company would pay the full face amount of the policy to your beneficiaries. The premiums remained level throughout the life of the policy.
The Whole Life Insurance Policy Now
Since that time and today where you can get your whole life insurance online quotation the policy has changed drastically. Because of competition with other whole life policies the rates have been lowered a great deal and as a result the policy no longer endows at age 100. The term life insurance policy has put whole life insurance under even more pressure and now you have modified life policies and universal life policies. The consumer is more pleased as the changes take effect. To think…you can get your whole life insurance online today. Can you conceive what the future holds for business on the internet?
Cash Values, Extended Term and Paid Up Insurance
When you receive your whole life insurance online explanation it may include details on cash values , extended term and paid up insurance.
- Let us suppose at anytime in the future, let us use 10 years as an example, you should decide to terminate your premium payments of your policy. You could decide to take the cash value of the policy and that would be the end of it. The amount would vary from company to company, but it would be, in most cases, not much less than you have paid in. Depending on the policy and company, in some cases it would be actually more than you paid in.
- An alternative to taking the cash value of your policy is to elect the extended term insurance option. Extended term is term life insurance purchased in advance by your cash values for a predetermined number of years and days. This option is usually selected by someone who wants to maintain the full amount of insurance that he or she originally purchased for as long as possible.
- The third alternative is to choose to take a reduced paid up policy on which you never have to pay another premium. This is like purchasing a single premium life insurance policy for a reduced amount of death benefit. Your cash value continues to grow.
Your whole life insurance online quotation online may not show the details explained here but you will see them in the policy itself. As the use of these options is a decision you make when you need to you should not concern yourself much about them at this time.
In any discussion on cash values it is important to take a look at dividends and how they work.
The owner of a participating whole life policy will participate in the divisible surplus of the life insurance company from which the policy was purchased. This is one of the reasons why you should investigate the life insurance company you want to do business with. The better the company performs the more likely you will get a higher dividend. You do not need to worry about that as the companies I recommend are high performers and come highly rated.
Dividends may be used in different ways. Here are the available options.
- Dividends may be used to purchase paid up additions. This is additional insurance of the same type which is fully paid up and which also participates in the divisible surplus of the company.
- Dividends may be left with the company to accumulate interest. They would accumulate interest and be added to your cash value.
- Dividends may be used to reduce premiums. The amount you would pay for your policy each month would be less than the amount contracted for.
- Another option, not used too often, is that dividends may be paid in cash. Each year you would receive a check for your dividend if there is any divisible surplus.
Dividends are not guaranteed.
When you receive your whole life insurance online quotation you may, in some instances request the waiver of premium rider. If you should become disabled for a minimum of six months the insurance company will take over the payment of your premiums for you. You may also add the accidental death benefit rider. The company would pay twice the death benefit if you died in an accident.
That is about all you need to know before you get your whole life insurance online quotation.
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