Whole Life Insurance

Life insurance is a financial safety net meant to protect your loved ones against financial loss. The future is unpredictable, as we all know, and thinking one step ahead might prove to be extremely helpful at some points. Thus, making such an acquisition might not only give you peace of mind, but also offer the support your family will need in their darkest moments.

familyinsuranceNot everyone needs life insurance, though. If you solely provide for yourself and don’t have anyone who depends on your income, you can go perfectly well without an annuity (the same couldn’t be said about health insurance, though). The term life vs whole life discussion is also to be taken into consideration. What policy is the best for you?

In order to find out, you have to truthfully answer yourself the following questions: do you need to stay insured for the rest of your life? Are you willing to make periodic payments in order to keep your policy in force? If the answer to these questions is yes, then you can think about buying a whole life insurance policy. Permanent insurance keeps you secure until the day you die, and unlike term annuities, it guarantees a pay-out. It also accumulates cash value over time, and is naturally more expensive.

Another accessible form of permanent insurance consists of universal annuities. They combine the small rates and flexibility of a term policy with the unlimited protection of a whole life annuity. The downfall of universal life insurance is that, if not handled properly, it may lapse (if you don’t pay your premiums and exhaust your savings account).

The best way to find out what the ideal policy is for you is by booking an appointment with a licensed insurance agent. S/he will work as a middleman between you and the life insurance industry, explaining terms you might not properly grasp by yourself and helping you understand your status better.

For more information on the matter of whole life and term insurance, and for a free online insurance quote, click here! And don’t forget – the ideal annuity might be just around the next virtual corner!