Whole Life Insurance Quotes
By Tom Poblano – Whole Life Insurance is a type of Permanent Life Insurance. It is a lifetime death benefit ( Carriers will go to age’s 95 , 100 or 120) and in most cases cannot be canceled. Cancellation can be for fraud or not paying the premium.
The Whole Life policies, that I offer, are designed and geared towards those that simply want a policy that does not expire. Yes, there is some minor cash values in the policies that I offer , but this is not the overall objective of the insured. There are other types of Permanent Insurance that are used for investments, these are generally referred to as Universal life plans. I do not sell these nor do I recommend a Universal Life Insurance plan as an investment vehicle.
Whole Life Insurance – Burial Insurance
Most of the whole life insurance policies I offer cover Burial Insurance and/or Final expense costs. These are generally small whole life policies with a face amount of up to $30K . I have plans that will be in force immediately or , for those that have more serious health conditions, I offer guaranteed issue whole life insurance plans that are graded. Graded Life Insurance means that the full face amount will not be in force until a certain time period has passed. Most carriers offer these plans with the first 24-36 months being the graded period. If death occurs during the graded period carriers will generally return premium payments made plus some interest. Furthermore if death should occur during the graded period , by accident, then they may pay the full face amount of the policy. Again, carriers differ.
Premium Costs of Whole Life Insurance Plans vs Term Life Insurance Plans
Because it will not expire, Whole life Policies will cost more. I see that , generally, the plan premiums can be up to Twice the cost of a Term Life Policy. If you are young this may not be a major financial concern. However as you age and/or have health issues, the premiums can get quite expensive.
Some people hate the idea of buying life insurance, paying premiums and then having the policy expire. Whole Life policies can certainly take care of those concerns. If you have some family history of health problems and you are young, then a whole life policy could be a consideration. You can run your own Term Life or Whole Life insurance quotes by following this link: Life Insurance Quotes
Contact me today to discuss your needs. No two people have the same situation.. My number is 512-963-5000 or fill out my contact form.