Why Should I Get Whole Life Insurance?

Why Should I Get Whole Life Insurance?

It seems to be a common theme of ordinary whole life coverage that each benefit helps supply another one.

The entirety of a contract provides lifelong protection. Due to the length of time you are covered, the regular premium payments can be spread out so that you can pay them at a lower cost. These level premium payments then allow for the policy to accumulate a reserve of cash that can be used at a later time to take out a loan on a house or pay for college tuition.

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Benefits of Return of Premium life insurance

Benefits of Return of Premium life insurance

If you’re seeking term life insurance and you would like to get some of the money you paid into the policy back, you might want to consider return of premium life insurance.

Term policies require the policyholder to pay regular premiums to keep the policy in force for a designated amount of time, usually 15, 20 or 30 years. If the policyholder dies during the term, their beneficiaries receive the death benefit. Although term insurance is the most straightforward of all insurance plans, if the policyholder doesn’t die and the policy expires, the policyholder would have to renew the policy for another set number of years to be covered, usually at a much higher rate.

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