5 Tips to Compare Whole Life Insurance Quotes
Whole Life Insurance can be a great financial tool, but it also has many moving parts. If you want to learn the basics go here: Whole Life Insurance Basics. If you know the basics and want to get the most out of your whole life insurance, there are many tricks that can help you. We listed the 5 best tips that will increase your cash and death benefit.
1- How long do I have to pay for the policy?
The longer you design a policy to pay premiums the higher the death benefit. The shorter premium payment for a whole life insurance will have more cash value accumulation. If you want cash value, pick a whole life insurance that is paid up in 10 or 20 years. If you want death benefit, go for a policy you pay until age 100.
2- Participating Policies
Some companies have participating polices that get paid a dividend. These policies perform much better because the dividend helps the cash value growth, and the death benefit growth. Some companies pay dividends as high as 7%, so make sure you compare the guarantees and the dividend.
3- Add Term Insurance
You do not have to buy all whole life insurance or nothing. Inside of most whole life insurances you can add term insurance that will increase your death benefit, without increasing your premium significantly.
4- Blend To Get More Cash Value
Blending whole life insurance is a concept that will give you more cash value and it will accumulate and grow much faster. Most agents will not tell you about blending whole life policies. You can request your agent for a whole life with extra paid up additions (each company calls it differently).
5- Take income from the policy
When you get illustrations for a whole life insurance, make sure you request taking income from the policy (for example at retirement). The amount you get can vary greatly between whole life insurances. Some times you may have less cash in one particular whole life, but it will generate more income at retirement.
Good luck on getting the top whole life insurance. If you want to compare whole life insurance quotes instantly, you can do it in seconds at: Instant Whole Life Insurance Quotes
If you have any question about whole life insurance, please visit our blog at: Whole Life Insurance Blog