Whole Life Insurance
Many people wonder what the differences are between whole life insurance and term life insurance. Whole life insurance is coverage that provides a guaranteed death benefit along with guaranteed cash values. Part of each premium payment is applied to the policy's cash value account, which grows on a tax-deferred basis.
Characteristics :
Premiums are set at a constant amount
Premiums are partially determined based on the age of the insured. The younger the insured is, the less expensive the annual premium.
The insured can borrow against cash values.
There are guaranteed cash values or dividends that are dependant on the specific terms of the policy.
Current federal income tax law allows for deferred tax advantages for some insurance policies.
Whole Life Insurance provides coverage for the entirety of the insured's life as long as the policy is in force.
If you need more information about whole life insurance or still need clarification about whether you should select term or whole life insurance complete the form on this website and a licensed agent will contact you. At Compare Life Quotes, we are an insurance service company that represents highly rated insurance companies. Our licensed life insurance agents listen to you, and then recommend appropriate life insurance coverage choices for you.