Whole life insurance and universal life that is guaranteed not to lapse for the rest of your life, are permanent policies. This means that they will be in effect at the time of death, as long as the policy is not allowed to lapse. So if you want to be sure that your policy will be in effect at the time of death at any age, the only way to have that assurance is to get permanent coverage.
Owner/Insurance Broker, KM Health Insurance Services, Hazel Crest, Illinois
This is a Great question, I sell whole and term insurance. Some reasons in my practice that I sell whole life is because it is a permanent plan so a client normally can have this policy to age 100, sometimes term is not an option because of age,etc, also whole life builds cash value that you can borrow against. It just depends on individual situations. Hope this helps.
Subjective! Whether or not whole life is good for you depends on several factors including your age, how many more years you intend to work and perhaps most importantly, what your goals are.
Consider whole life as part of your retirement plan. It has a constant premium unlike universal life. As long as you pay premiums your plan is in affect usually to age 100+. It adds modest income you can barrow against or let it build. Later in life these funds can pay your premiums for you or, add to your retirement income.There are dozens of scenarios to consider so that you get the performance you desire from your plan.
You should contact a life insurance professional. You never pay them us and we want to help you get it right
Owner, Alma L Hesterberg & Associates, Baltimore, MD
Whole Life Insurance is an excellent choice for Seniors looking for relatively small policies that will cover their final expense needs; usually 15 to 25 thousand in coverage. Depending on the company these policies can offer some nice options such as grandchildren riders and of course since the policy is a whole life is builds cash value.
Participating whole life insurance is the most expensive way to pay for life insurance coverage. Guaranteed universal life is significantly cheaper. So don't buy it for indemnification. However, participating whole life can be a conservative, long term savings vehicle for supplemental retirement which may generate tax advantaged withdrawals of basis and policy loans of gain as long as the contract is kept in force for the life of the insured. If you could buy it for retirement income purposes, if you fit the profile "conservative, long term saver."
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Why would you buy whole life? Here's why I bought it. I wanted lifetime coverage as I don't think I would die in 10,20 or 30 years. I was young enough to purchase a fair amount of coverage because I was in good health and purchased it at a locked in price. A price that they can't come back and raise on me. The WL offered reasonable safe growth, certainty that allowed me to take more risk with my other investment choices. My whole life became "if I screw everything else up, this won't let me down." My safety net. After 20 plus years of ownership, whole life has done what it promised me, been there when I needed it and didn't go backwards in 2008 when ten years returns were wiped off my mutual fund accounts and my home value dropped 40%. My boring steady unexciting whole life remained faithful to me. Now in my 50's as a type II diabetic who just had his heart rebooted (cardioversion) because of A FIB, I really really appreciate the fact I "OWN" my policy. They can't raise the price, they can't end it. I didn't rent it, I OWN it. Maybe some readers will get how important that is. For all the financial gurus who may have said this was a bad idea, I have to ask why are so many people in their 60's seeking new insurance? Could it be they listened to the wrong people when they were younger and healthier? There are a ton of reasons to own whole life, there is. All I can say is it is the most boring product you can buy. It will do what it's supposed to, without fanfare or up and down excitement. It's the most boring financial product you can "OWN". I hope that makes sense to some who read these posts.
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Consider whole life as part of your retirement plan. It has a constant premium unlike universal life. As long as you pay premiums your plan is in affect usually to age 100+. It adds modest income you can barrow against or let it build. Later in life these funds can pay your premiums for you or, add to your retirement income.There are dozens of scenarios to consider so that you get the performance you desire from your plan.
You should contact a life insurance professional. You never pay them us and we want to help you get it right