Whole Life Insurance

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Information about Whole Life Insurance
Finance

Published on March 24, 2009

Author: fpcksc

Source: slideshare.net

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Whole Life Insurance

What is Whole Life Insurance? What are the different types of Whole Life Insurance? What are the strengths and weaknesses?

What is Whole Life Insurance?

What are the different types of Whole Life Insurance?

What are the strengths and weaknesses?

Whole Life Insurance is defined as insurance that provides fixed coverage for the life cycle of the insured. It is permanent life insurance coverage for as long as you live and you continue to make timely premium payments. With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies. http://www.statefarm.com/insurance/life_annuity/life/whole/whole.asp

Whole Life Insurance is defined as insurance that provides fixed coverage for the life cycle of the insured.

It is permanent life insurance coverage for as long as you live and you continue to make timely premium payments.

With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.

http://www.statefarm.com/insurance/life_annuity/life/whole/whole.asp

Types of Whole Life Insurance Traditional – Gives you a guaranteed minimum rate of return on your cash value portion. Interest Sensitive – Gives a variable rate on your cash value portion, similar to an adjusted rate mortgage. Single Premium – Is For someone who has a large sum of money and would like to purchase a policy upfront. http://personalinsure.about.com/cs/lifeinsurance/a/aa012003a.htm

Traditional – Gives you a guaranteed minimum rate of return on your cash value portion.

Interest Sensitive – Gives a variable rate on your cash value portion, similar to an adjusted rate mortgage.

Single Premium – Is For someone who has a large sum of money and would like to purchase a policy upfront.

http://personalinsure.about.com/cs/lifeinsurance/a/aa012003a.htm

Strengths - The premiums remain level over time and aren't unaffordable in later years. - The amount in the cash value account that is built over time is tax-sheltered. - Cash values accumulated can be borrowed against to help finance retirement .

Strengths

- The premiums remain level over time and aren't unaffordable in later years.

- The amount in the cash value account that is built over time is tax-sheltered.

- Cash values accumulated can be borrowed against to help finance retirement .

Weaknesses - The costs for full coverage for young people on limited incomes can be very high. - Policies are difficult for the average person to compare . -Termination of the policy in early years generally provides little or no cash value making it an inefficient for many years.

Weaknesses

- The costs for full coverage for young people on limited incomes can be very high.

- Policies are difficult for the average person to compare .

-Termination of the policy in early years generally provides little or no cash value making it an inefficient for many years.

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