Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
When people that you love will suffer when you die, you need life insurance. If that need will remain for many years, perhaps even until the day that you die, you need permanent insurance. The most popular form of permanent insurance is whole life insurance. It provides that the company will pay fixed amount when you die, regardless of when that occurs. In exchange you are required to pay a premium that is also fixed and does not change even as you grow older and the risk of death increases dramatically. There are alternative forms of permanent insurance in which you give up guarantees for flexibility.
Five reasons Whole Life Insurance may be for you:
1) You want to buy your life insurance one time in your life and never have to worry about it again.
2) You want a policy that will have cash value so you can "borrow from yourself" in the future.
3) You want to be sure your policy will be in effect when you die, even if you live to a ripe old age.
4) You want a policy that you can have paid off by the time your retire.
5) You want a policy that will give you something back if you decide to drop it later in life.
Five reasons Whole Life may not be for you:
1) You can't afford it at this point in time (you could get Term now and buy Whole Life later).
2) You have a temporary need and will not need life insurance after that is over.
3) You are young and want a vehicle to aggressively save for retirement (an indexed or variable policy could work better).
4) You want a permanent policy but don't care about cash value (a guaranteed UL may be cheaper).
5) You have all your financial bases covered in other ways.
That is a great question! It may be, if this is what you are looking for: A policy that you can't outlive; one that will have the same price every month; one that can provide you with money in an emergency; and one that you can buy, set up on automatic drafts and forget about. If you want the security of knowing that it is handled, this is the policy type for you. Thank you for asking!
President, Lane Independent Agency, Southern California
There are a variety of types of whole life insurance. Some better than others. This is the most costly type of life insurance, but the absolutely surest one in many folks minds. I used to work for a carrier that sold this as their flagship product. They wouldn't let me sell the type I now highly recommend. I strongly prefer the cash value life insurance which will tie to the market, but never go down, and only go up. That is Equity Indexed Universal Life. Meeting the requirements, you can be assured you are in an outstanding investment, yes investment, because the market is likely to go up but even if it goes down, you will NOT lose. I recommend Premier Financial Alliance's EIUL Flex Life, with full living benefits, you do not have to die to get paid with. See you agent. GARY LANE, garylane@cox.net. 714 422 9616. Thank you.
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1) You want to buy your life insurance one time in your life and never have to worry about it again.
2) You want a policy that will have cash value so you can "borrow from yourself" in the future.
3) You want to be sure your policy will be in effect when you die, even if you live to a ripe old age.
4) You want a policy that you can have paid off by the time your retire.
5) You want a policy that will give you something back if you decide to drop it later in life.
Five reasons Whole Life may not be for you:
1) You can't afford it at this point in time (you could get Term now and buy Whole Life later).
2) You have a temporary need and will not need life insurance after that is over.
3) You are young and want a vehicle to aggressively save for retirement (an indexed or variable policy could work better).
4) You want a permanent policy but don't care about cash value (a guaranteed UL may be cheaper).
5) You have all your financial bases covered in other ways.