Most people like the idea of life insurance, but choosing the right plan for you can be overwhelming. Whole life insurance is just one of the many options for life insurance out there; we’ll dive into the advantages of whole life insurance and how it works so that you can make a more informed choice when it comes to protecting your loved ones should the worst happen.
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Whole life insurance lasts your entire lifetime, meaning your children and spouse are guaranteed to receive a lump sum payment no matter how long you live. For those that don’t like the idea of paying into a term life insurance policy for 30 years and potentially not seeing a payout, whole life insurance is a good option.
Whole life insurance also has a cash value component; part of your insurance premium is funneled into investments that build a savings account for you over time. You can even borrow against this savings account during your lifetime for major life purchases, such as a house, college for your children, and more.
Whole life insurance lasts your entire life and the premiums stay fixed for the entirety of the policy. It’s worthwhile to note though that your policy could be voided if you miss payments, so you’ll want to be sure the premiums are affordable even if your financial situation changes.
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Whole life insurance is a very popular form of life insurance, and for good reason: it gives you peace of mind that your loved ones are covered no matter what. While the reassurance this gives you can be priceless, whole life insurance does come at a higher cost than term life insurance but you can easily find a whole life insurance policy that fits your budget and needs thanks to ConsumerCoverage. We’ll compare plans and find you the absolute best rate for your insurance needs so that you can save time and money.
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Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.
