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1.Life Insurance Premiums
Whole life insurance requires the policy holder to pay a fixed premium, while term life insurance premiums will generally increase every time you renew the policy. While the initial life insurance premium for a whole life policy may be higher, it will remain constant and will eventually be lower than what you would pay after renewing a term life policy several times.
2.Cash Value
Because of the way a whole life policy is structured, it has a cash value. If you choose to end the policy, you get the value in cash. These usable cash reserves are one of the most important and versatile advantages of whole life insurance.
3.Tax Benefits
Contributions to a whole life insurance policy are tax-deferred, which means you do not have to pay any taxes on the value of the whole life insurance policy. Term life policies do not have such an advantage.
4.Length of Coverage
A whole life insurance policy will cover you for your entire life, unlike term life insurance policies. With term, you purchase coverage for a set number of years, and the premiums increase whenever you renew. Whole life insurance policies never need to be renewed.
5.Death Benefits
Whole life insurance guarantees that upon your death, cash values and benefits will be paid out. If you outlive a term life policy, you receive no money back.
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Topic starter
Posted : 11/11/2009 3:44 am
Re: What are the advantages of whole life insurance??
Thanks for sharing this useful information.
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Reputation Management
Posted : 21/01/2010 4:01 am
Re: What are the advantages of whole life insurance??
Make sure you can budget for whole life insurance for the long term and do not buy whole life insurance unless you can afford it. You should buy all the coverage you need now while you are younger, and if you cannot afford whole life insurance, at least get Term. That is why whole life insurance policies have the highest premiums it is insurance for your whole life, no matter when you pass on. The level premium and fixed death benefit make whole life insurance very attractive to some. Unlike some other types of permanent insurance, with whole life insurance, you may not decrease your premium payments.
Posted : 22/01/2010 12:41 pm
Re: What are the advantages of whole life insurance??
One of the advantages of Whole life insurance is that it builds a cash value. Simply put, this is a benefit from the fact that you pay your life insurance premiums long before you die—or at least you hope so. The company has to invest that money while waiting for a claim against it. Since they are making money on your money, they put part of it into the policy in such a way that if you live to be 100, your cash value and your death benefit will be equal.
People who do not fully understand life insurance will also tell you that whole life insurance is the most expensive. Actually, this is only true up to a point.
Posted : 23/02/2010 5:54 pm
Re: What are the advantages of whole life insurance??
There are few things, that determine the advantages and disadvantages of a term life insurance plan, mostly it will depend on your financial condition and field of interest, it can be a nice plan for you if you don't believe in paying premium at a single time.
Posted : 22/12/2011 9:42 am
Re: What are the advantages of whole life insurance??
With whole life, you pay about 10 times the premium, they buy term insurance, and ‘invest’ the difference. If you die while the policy is in place, they pay the death benefit, and Keep the cash value.
Posted : 19/03/2012 10:30 am
Re: What are the advantages of whole life insurance??
Life insurance is really good for all and they really necessary for all the people. Life insurance is really good to giving a more benefits like whole life insurance is good to giving all premium to your family after your death so that is one of the best benefits for whole life insurance.
Posted : 25/06/2012 7:17 pm
Re: What are the advantages of whole life insurance??
Life insurance helps to secure our and our next generation's future.
Some measure reason that we get in Whole life insurance
1.Premium Cost is Guaranteed
2.Premium Consists of Guaranteed "Cash Value" and Death Benefit
3.Cash Value Grows Tax-Advantaged
4.Policy Pays a Dividend
5.Option to Have the Insurance Company Pay Premiums if You Become Disabled.
Posted : 07/09/2012 9:06 am
Re: What are the advantages of whole life insurance??
It give benefits whole life and after life give benefits to your family .
Posted : 25/09/2012 12:59 pm
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