5 Important Facts About Whole Life Insurance Plans!

Whole life insurance policy is one of the best on the market and it is very popular. We present you 5 important facts about whole life insurance plans:

Couple-Financial-Planning1)     Whole life insurance is available for lifetime.  This policy is permanent and once you have completed all formalities, you will no longer have to repeat them yearly. The policy is kept in force only if you manage to pay all premiums.

2)     Whole life insurance premiums are locked at a certain level. Knowing that you will always have to pay the same amount of money each month will help you in estate planning.  Although the premiums are not that cheap as the starting premiums of term life insurance, in time whole life insurance will be more cost effective.

3)     Whole life insurance allows you to skip some payments.  We do not always have the right money to purchase a service or an item. So, it is possible at some point in life to be in the impossibility to pay the premium. You can talk with the insurer and ask for permission to skip payments for a month or to and pay the money later. This option usually becomes available after you have reached a number of payments.

4)     Whole life insurance permits you to add several riders.  In order to increase the effectiveness of your policy, you can add several riders and options. This will help the family get more money if you die due to a car accident, or it will help the family claim the money faster.  Some riders will help you pay medical bills if you ever get sick.

5)     Whole life insurance provides the most generous death benefits.  It is known that whole life insurance returns money with interest and allows their customers to sign in for huge amounts of money. In many cases we are talking about millions of dollars.

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