What Is Whole Life Insurance?

What Is Whole Life Insurance? It Will Provide Constant Premium Payments And Tax Incentives As Well

Attention Kentucky, Tennessee, and Indiana residents

A look at what is whole life insurance reveals that when you pay a lump sum on death and sometimes when an early diagnosis of a major illness takes place, and provided that all premium payments have been made, you will be availing of a whole life insurance policy. The payment level can either be a fixed sum, or one that depends entirely on investment performance on the amount remaining after mortality and other expenses have been subtracted.

How To Pay Premiums

What the whole life insurance is, with regard to amount of premium payable, will allow the policy holder to choose from among single and fixed periodic payment, or a periodic payment that is subject to review depending on the performance and changes in cost of mortality. You will also have the option to choose a flexible range of payouts that maximize over a given period of time, such as for ten years.

After the ten years have elapsed, the insured is able to continue with the increased premium, or he or she may opt to reduce the cover. What the whole life insurance is can also vary with different whole life policies to choose from, including those for New York State, which has six different types including non-participating, participating, indeterminate premium, economic as well as limited pay and single premium.

With regard to what is whole life insurance, there are certain requirements that need to be met, such as having the owner pay premiums for the entire duration of the policy, and also opting to let the policy be “paid up” that in effect requires no further payment after, say, a period of five years, or it can even be paid up entirely in one single lump sum payment. Another advantage of what the whole life insurance is pertains to the increase in the cash value of the policy even if the performance of the company is not too good.

You will also need to answer whether to purchase the whole life insurance or not, and for this you need to know everything about what whole life insurance is including the rate of return on such a policy, which is quite low compared with other investments. When choosing the whole life insurance as the insurance of your choice, keep in mind that this is a good investment and it provides protection which is more important than the rate of return.

After you have studied in detail what whole life insurance is, you will become aware of the benefits of such a policy such as the premium money going into the cash value which will then pay off the entire policy in a short span of time. In addition, the premium stays constant while you are covered, and if no changes are made to the policy, you will also not require any further medical examinations. There is also a tax incentive for choosing whole life insurance.

If you live in Kentucky, Indiana, Tennessee and would like to find out more about the advantages of whole life insurance then call Curtis Staggs at 270-326-8000 or email him at dig4diamonds@gmail.com or go to www.myburialinsurance.com for a FREE life insurance quote

Leave a Comment