Top Reasons to Take a Second Look at Whole Life Insurance
Have you shopped for whole life insurance in the past? Is Whole Life Insurance Good or Bad? Did you opt against this for one reason or another?
Just because you made this decision in the past doesn’t mean you have to follow this path in the future. Instead, it may be time to take a second look at whole life insurance. Read the following to determine if whole life insurance is good or bad. It’s your call.
If you are on the fence regarding whole life insurance, if you don’t know what it has to offer somebody in your position, it’s time to learn more about the reasons to take a second look.
Here are five of the top reasons to revisit this idea:
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Guaranteed Death Benefit
All in all, this is the top benefit of a whole life insurance policy. With this coverage, you know you are leaving something behind to your beneficiary.
Unlike term life insurance, it doesn’t matter when you pass on. As long as you continue to pay your premium, you know your death benefit will be paid.
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More Affordable than Most People Believe
There are people out there who believe that whole life insurance is entirely too expensive. These consumers shy away from considering a policy because they are afraid it will break their budget.
But guess what? Whole life insurance can actually be quite affordable. There are two things you need to do:
- Request quotes from a minimum of three whole life insurance companies.
- Compare the cost of whole life and term life insurance.
Once you do this, it becomes clear as to how much it will cost to purchase a policy.
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Options, Options, and More Options
There are many options when purchasing whole life insurance, such as the company with which you do business.
Another detail to consider is the death benefit. For example, you could receive a quote for $100,000 in coverage, $500,000 in coverage, and $1 million in coverage.
If you keep your options open, it’s much easier to find the right coverage at the right price.
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Access to Your Cash Value
This may not be the only reason to purchase whole life insurance, but it’s something to consider nonetheless.
With this, you can access your cash value at any age, regardless of the reason. Furthermore, you don’t have to worry about penalties or taxes.
You don’t want to purchase whole life insurance with the idea that you’ll access your cash value, but it’s something that could benefit you at some point in the future.
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Buying is Easy
If buying a whole life insurance policy was difficult, it would only be natural to avoid this process to a certain degree. However, this isn’t the case. It is straightforward to purchase a policy in today’s market, and here is why:
- There are more companies offering coverage than ever before.
- It is easy to request and compare quotes via the internet.
- There is plenty of information available online, ranging from reviews to ratings among other details.
In the past, it was not nearly as easy to purchase whole life insurance. Fortunately, things have changed for the better.
Three Steps Before Making a Purchase
Now that you are familiar with the reasons to take a second look at whole life insurance, you may be ready to do so in the near future. Before you make a purchase, follow these three simple steps:
- Review your current life insurance coverage, which includes both individual and group policies.
- Understand how much you are able to spend on whole life insurance.
- Make a note of the minimum death benefit you will be comfortable with.
When you take these three steps before making a purchase, it becomes much easier to move forward with confidence.
Conclusion
Don’t let decisions from the past dictate what you do in the future. Just because you have waited this long to purchase whole life insurance does not mean you have done something wrong. It merely means you haven’t been ready to move forward.
Once you revisit the idea of buying a whole life insurance policy, you may soon decide that now is the time to make a purchase.
What are your thoughts on this? Can you think of any other reasons to take a second look at whole life insurance coverage?
