Whole Life Insurance provides guaranteed level term life insurance protection and death benefit for your family in the event of your passing as long as premium payments are made on the policy. Unlike traditional term policies, these types of life insurance insurance policies will not expire and remain enforce for the insured's whole life.
Whole life insurance polcies also allows the policy to accumulate a tax deferred cash value. This grows at a fixed rate and is available to borrow against during the insured's life. The cash value in your policy can be borrowed against for any purpose and at any time. It is an ideal long-range planning tool.
Though there are many benefits as describe to a whole life policy, the life insurance rates for these types of policies tend to be substantially higher than a traditional term. However if one can afford a whole life insurance policy it is often recommended by insurance brokers depending on your unique insurance needs. Life Insurance rates are based on health, and before being over a policy from an insurance company they will obtain all of your medical records to determine their financial risk of insuring you.Whole Life Insurance Rates
By purchasing a whole life insurance policy when you are young and healthy you are locking in your rate, which can not go up if and when you are diagnosed with any medical conditions. Many people feel the added upfront costs of the whole life insurance premiums are worth it for a guaranteed whole rate on a policy that they can keep until their demise.
Many people are also attracted to the fact, that whole life insurance policies do accumulate cash and feel the increase in their rate is worth having this added investment componenet, which will allow them to borrow from the policy if and when needed.
Before purchasing a whole life vs term life policy it is important to discuss your specific insurance needs with a licensed agent. Each situation in unique and should be reviewed prior to applying in order to fully educate yourself on all the types of life insurance available.Benefits of Buying Whole Life with Advantage One Insurance
Advantage One Insurance is an independent agency licensed in all 50 states. Our agents have been in the business for 20+ years and have the ability to write all types of insurance with all of the nation's top life insurance carriers. With Advantage One are commitment is to the client and not to any one insurance provider.
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