Why Buy Whole Life Insurance?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! There are a couple of good reasons why a whole life policy might be a better choice than a term policy. The first is to ensure that there is money to pay for your final expenses, no matter how long you live. Many of the popularly advertised term policies end at the age of 80. What happens if you live beyond 80? A whole life policy protects against that. Another reason is that if your health were to seriously decline, a whole life policy stays in effect. The changes in your health may prevent you from getting another term policy, or greatly increase its costs. A third reason would be to ensure the passage of tax free wealth to your survivors. You can outlive a term policy, and have nothing to pass on, where a whole life policy will guarantee that the money passes to your beneficiary. If you have more questions, please feel free to contact me, I'm happy to help. Thanks for asking!Answered on May 4, 2014flag this answer
4249 POINTSview profileGary LanePresident, Lane Independent Agency, Southern CaliforniaBecause it lasts forever and also accumulates cash value. The premium never increases. If you pay it, you will have life insurance forever. The accumulation can pay for your retirement, college education for the children, or down payment on a new home. Why risk having your term insurance run out when you have become uninsurable? Yes, the initial cost is higher, but over time, it works out, because of accumulation. If you need financial assistance with it, how about getting both term and whole life, gradually increasing the amount of whole life as your income increases? Thank you. GARY LANE.Answered on May 4, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
