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Whole Life Insurance Rates

Is it right for you?

Are you trying to decide if a whole life insurance policy is right for you? People want to feel secure financially throughout their life with things like life and even auto insurance. With the right help it can be easy to find the best coverage for you to meet your individual lifestyle. Before you head out and purchase a whole life insurance policy, it is important to explore the pros and cons of having one of these policies in place. In this way, you can be certain you are purchasing the type of life insurance policy that is right for you and your loved ones. Here are a few questions you should ask when trying to decide if whole life insurance is right for you.
Permanent Life Insurance

How Long Do I Need Coverage to Remain in Place?

The first question you need to ask yourself is how long you need the coverage to remain in place. If you only need the coverage for a short period of time, such as twenty-five years or less, a whole life insurance policy may not be right for you. Rather, you might want to purchase a term life insurance policy instead. Those who need a term life insurance policy are those who only want a policy in place until their children are adults or who only want coverage until other benefits kick in. Those who want a life insurance policy well into their golden years (until they are seniors), on the other hand, are better off with a whole life insurance program.

How Much Can I Afford to Pay?

Another question you need to ask is how much you can afford to pay. In general, whole life insurance is far more expensive than other cheap term life insurance. Therefore, if you are looking for a less expensive option for life insurance coverage, you might want to look at term life rather than whole life insurance.

Am I Looking for an Investment Opportunity?

One of the benefits to purchasing a whole life policy is that it serves as an investment opportunity. The downside to this is that the value of the policy is quite small when it is first taken out, but the value does increase significantly down the road. If you are looking for an investment opportunity with more flexibility that allows you to be more involved in the investment process, however, you may be better served by a universal life insurance policy.

Do I Want the Option of Borrowing Against My Policy?

Another benefit to purchasing whole life insurance is that you have the option to borrow against your policy as it increases in value. This is not an option with term life insurance. Therefore, if you are interested in having a life insurance policy that can serve as an extra layer of financial support in the future, a whole life insurance policy may be right for you.

The bottom line is that there is no simple answer to whether or not a whole life insurance policy is right for you. By taking a closer look at your personal circumstances and making an honest appraisal of your short and long term goals, however, you will be better able to determine if this is the right type of policy for you.