What is Whole Life Insurance?
Whole Life Insurance is a permanent insurance, that will last you your whole life. It is differentiated from Final Expense Whole Life, by the amounts of coverage that can be obtained, and the fact that it isn’t a simple issue policy. The applicant will have to go through a medical background check, as well as a paramedic exam. Whole Life Insurance also builds cash value, that the insured can access for various needs.
The cost of standard whole life insurance will be more than term insurance, and final expense, due the amount of coverage that a customer can get. Most whole life policies have living benefit riders available, that you can access if you are injured, and can’t work, or you are diagnosed with a terminal illness.
Some carriers offer a single pay or 10 and 20 year paid up policies. If you have the money, these paid up policies can lower the cost of insurance significantly. For example, a single pay policy will be approximately half of the insured amount.
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