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| The Life Insurance Group Affordable Life and Health Insurance |
Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are
able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you
may be able to borrow up to 90% of your policy's cash value tax-free.
The main drawback of whole life is the premium inflexibility, and the internal rate of return in the policy may not be competitive
with other savings alternatives. Riders are available that can allow one to increase the death benefit by paying additional
premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and
may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short-term, but
cumulative premiums are roughly equal if policies are kept in force until average life expectancy.
Cash value can be accessed at any time through policy "loans". Since these loans decrease the death benefit if not paid
back, payback is optional. Cash values are not paid to the beneficiary upon the death of the insured; the beneficiary receives
the death benefit only. If the dividend option: Paid up additions is elected, dividend cash values will purchase additional death
benefit which will increase the death benefit of the policy to the named beneficiary.
Whole vs Term
Whole Life Insurance policies are different from Term Life Insurance policies. Term Life Insurance policies are for a set time,
and the insured is paid a lump-sum amount, if the insured dies during the term of the policy. Depending on the type of policy,
the insured may get certain bonuses while still living.
The insured cannot claim in the case of death after the term of the life insurance policy, nor can the policy be cashed. Simply
put, a term life insurance policy covers the risk of death only till a set period of time. A Whole Life Insurance policy covers the
risk of death at any given time.
able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you
may be able to borrow up to 90% of your policy's cash value tax-free.
The main drawback of whole life is the premium inflexibility, and the internal rate of return in the policy may not be competitive
with other savings alternatives. Riders are available that can allow one to increase the death benefit by paying additional
premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and
may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short-term, but
cumulative premiums are roughly equal if policies are kept in force until average life expectancy.
Cash value can be accessed at any time through policy "loans". Since these loans decrease the death benefit if not paid
back, payback is optional. Cash values are not paid to the beneficiary upon the death of the insured; the beneficiary receives
the death benefit only. If the dividend option: Paid up additions is elected, dividend cash values will purchase additional death
benefit which will increase the death benefit of the policy to the named beneficiary.
Whole vs Term
Whole Life Insurance policies are different from Term Life Insurance policies. Term Life Insurance policies are for a set time,
and the insured is paid a lump-sum amount, if the insured dies during the term of the policy. Depending on the type of policy,
the insured may get certain bonuses while still living.
The insured cannot claim in the case of death after the term of the life insurance policy, nor can the policy be cashed. Simply
put, a term life insurance policy covers the risk of death only till a set period of time. A Whole Life Insurance policy covers the
risk of death at any given time.
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| Whole Life Insurance |
| Your Tools, Tips, and Guide to Affordable Life Insurance |
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