Whole Life Insurance Quotes

If you have a spouse and/or children, have you considered how you will protect them financially in the event you die too soon?

If not, getting a whole life insurance quote is a great place to start.

To expand upon what term life insurance could offer, whole life insurance became available, as actuaries came up with a policy with level premium payments that were greater than traditional term insurance contracts.

As you will discover when you seek whole life insurance quotes, these contracts provide a "cash value', which is designed to be a cash reserve that builds up against the known claim - the death benefit.

Before getting a whole life insurance quote, it certainly doesn't hurt for you to do your research on whole life policies.

There are several types of whole life insurance policies available on the market.

The best known choices are traditional, single-premium and interest-sensitive whole life policies.

When getting whole life insurance quotes, note that a traditional whole life policy provides you with a minimum rate of return on your cash value portion.

Meantime, an interest-sensitive whole life policy allows you a variable rate on your cash value portion, much like an adjustable rate mortgage. Through the interest-sensitive route you can see additional flexibility with your life insurance policy like increasing your death benefit without raising your premiums depending on the economy and the rate of return with your cash value portion.

Finally, single-premium is geared towards the individual who has a major sum of money and is interested in buying a policy up front. Single-premium whole life insurance accrues cash value and also offers the same tax shelter on returns.

As you can learn when getting a whole life insurance quote, whole life coverage offers different benefits when comparing it to term life insurance.

First, a portion of your premium money is directed toward your cash value which in turn could pay off your full policy in a short amount of years.

Another factor is your premium will stay constant during the coverage time except for you deciding otherwise. Finally, unless you do a change to your whole life policy, you are provided with lifelong coverage, including not having to undergo future medical exams.

When you get your whole life insurance quotes, you might be asking yourself if you should acquire a whole life policy as an investment.

Typically, the rate of return on a whole life insurance policy is pretty low as in comparison to other investments, even when you factor in tax savings. The majority of investment pros will tell you that life insurance should not be used simply as an investment tool. If you find yourself requiring life insurance, the tax benefits and cash value is an additional bonus as you purchase protection for the ones you love.

As you will discover when getting your whole life insurance quote, this kind of coverage typically offers you protection all your life, usually until you hit 100. Just remember that you need to make the sufficient premiums each year so that the policy will not lapse.

Another advantage you can find out at the time of obtaining your whole life insurance quotes is that along with crediting your policy with interest, "participating' policies issued through mutual insurance companies might also allow you the opportunity to earn dividends. For those who do not know, dividends are a non-guaranteed return on a portion of the premium intended to reflect a company's favorable operating experience.

When preparing for your whole life insurance quotes, it is also important to know some of the challenges with these types of policies.

First, you are not permitted to select separate investment accounts like money market, bond funds or stock.

Another item to remember is since the insurer has control of how and where your premium dollars are invested; these policies offer no premium flexibility or face amount flexibility. Simply put, the plan you purchase today will stay fixed for life, so plan wisely.

If you are looking to acquire a whole life policy through an employer, note that these kinds of policies are typically not offered through employer groups.

Therefore, it is up to you locate and acquire the coverage needed for you and your family.

One final item to keep in mind when looking for a whole life insurance quote is you can select a wide array of policy riders to take care of your specific requirements.

An accidental death benefit will offer an added death benefit equal to the face amount of the policy in the event you were to die due to an accident.

There is also a child's protection benefit that protects the ability to continue paying for insurance acquired on your child.

A Disability Waiver of Premium assists in giving peace of mind by making sure that valuable insurance coverage is not lost if the policyholder is not able to make the premiums due to a full disability.

A Living Benefits Rider will allow the individual access to part of the policy's eligible death benefit during their lifetime in the event they are diagnosed with a terminal illness. That is for one who then has a life expectancy of one year or less (varies in different states).

Lastly, there is a Survivor Purchase Option, whereby the policy beneficiary is allowed to acquire a new life insurance policy minus proof of insurability on a designated insured the policyholder selected at time of issuance.

There are a number of riders at your disposal not mentioned, so be sure when going over your whole life insurance quote with an agent to discuss all that is relevant.