Who Should Buy Whole Life Insurance Policy?
.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.People who need permanent protection generally should buy Whole Life or guaranteed no-lapse Universal Life Insurance. Why? Because Term insurance cannot be counted on to be in force at the time of death. Term life insurance is often convertible to permanent insurance, but the conversion price is based on the age at the time of conversion. This can make converting unaffordable to people who may be living on retirement income at the time they want to convert their Term to Permanent insurance. It is usually less expensive to start out with a permanent policy for permanent needs, while the price is based on your younger age and better health.Answered on May 14, 2014flag this answer
4249 POINTSview profileGary LanePresident, Lane Independent Agency, Southern CaliforniaWhole life provides everyone with the ability to be sure they can have life insurance for the rest of their life, no matter how long they live. The rate is locked in forever. It never grows, and after time, it can even be paid out of the growth of the policy. The growth can be used for emergencies, for retirement, or any other need. The death benefit can grow to be multiple times the original death benefit. Yes, it costs more at the start than term policies, but it never changes, unlike term, and is always there, regardless of your health, unlike term as you try to enter into new terms later in your life. Yes, whole life gives you options and benefits no other life policy can provide. Thank you. GARY LANE.Answered on May 14, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaFrom the perspective of a senior citizen, the purchase of whole life insurance makes great sense. Many policyholders are really disillusioned when their term policy lapses or the premium for continued coverage soars into the stratosphere. The joy of the low premium is then forgotten. What these people remember is the money they spent and the coverage they now lack. Seniors often ask about life insurance.Answered on May 14, 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.
