Whole Life Insurance Quotes

Whole life insurance quotes

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If you have people who are financially dependent on you (children for example) or if you share a debt like a mortgage with another person, life insurance is probably crucial. Here are some of the most common reasons for getting life insurance:

You have a mortgage or other debt, and don\’t want to leave this burden on your partner or family.

You have a family who is dependent on you, and in the event of your death you want to provide for their living costs, education, etc.

You don\’t want to leave funeral costs to family members.

Whole Life Insurance quotes can be the foundation for a family\’s financial protection. Quoteins offers a variety of whole life insurance policies that not only helps your family prepare for the unexpected, but can build cash value you can use during your lifetime.

Whole Life insurance offers level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force. Quoteins offers whole life policies that can be paid with a single premium, premiums payable to 100, or somewhere in between. Whole life policies also provide for the accumulation of cash value on a tax-deferred basis which can be used when you need it, to help with life s opportunities. Policy loans do accrue interest, and any outstanding policy loans and interest will reduce the death benefit and cash value.

he right type of life insurance can be summed up in a single word: term. But before we explain why, it\’s important to understand the differences between the most common types of insurance available. Our glossary can help with that, and decipher some of the more common insurance lingo.

The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to the named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy. For more information about how to buy a life insurance policy or determine how much life insurance you will need log on to www.quoteins.com

Whole life insurance is expensive: You are paying not only for insurance but also for the investment portion. That extra cost might almost be worth it if these policies were a good investment vehicle. But usually they aren\’t. Insurance agents like to call these policies retirement plans, emphasizing the \”forced savings\” inherent in forking over the premiums each month \”for retirement.\”

Leaving aside the fact that there are many better ways to save for retirement, these policies come with high fees and commissions, which sometimes lop off as much as three percentage points from the annual return. On top of that, there are up-front (but hidden) commissions that are typically of your first year\’s premium. Worse, it\’s often impossible to tell what the return on the investment will be, and how much of what you pay in goes toward the insurance and how much toward the investment. Premiums for term insurance are downright cheap for people in good health up to about age 50. After that age, premiums start to get progressively more expensive. The same holds true for whole life policies, though people who need coverage starting in their 60s and beyond may have no alternative but to buy whole life. Most companies simply won\’t sell term policies to people over about age 65.

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