As a consumer in the market for life insurance, you’re given two basic options:
- Whole life insurance
- Universal life insurance
- Term life insurance
There is one primary benefit associated with each type.
First, when you buy whole life insurance, there is a guaranteed death benefit as long as you continue to pay your premium in full and on time.
Second, Universal life, your premiums are designed to cover insurance’s future costs so that the policy may last forever.
And finally, with term life insurance, since the coverage only lasts a particular period of time, the premium is generally lower.
Like most, you may be intrigued by whole life insurance because of the guaranteed death benefit. You know you want to leave something behind when you pass on, and whole life insurance allows you to guarantee that this will happen.
Of course, you don’t want to stop there. You want to learn more about the additional benefits associated with whole life insurance. This is the information you need to make an informed and confident decision.
Here are three additional benefits that could point you toward this type of coverage:
- Your premium payment is guaranteed to remain the same for as long as you keep the policy. This allows you to more easily set a budget and stick with it over the long run.
- Build cash value. In addition to the guaranteed payout upon your death, your policy can accumulate cash with each passing year.
- Policy loans. You can always borrow money against your policy, but make sure you use a non-direct recognition company, as it will have many benefits for you.
Some of these benefits are just what many consumers are seeking. For example, if you’re concerned about your ability to make payments in the future, the guaranteed premium will work in your favor.
Ask Questions Before Buying
There’s nothing better than purchasing a life insurance policy that makes you feel better about the future. This is what attracts so many people to whole life coverage.
If you want to learn more about the benefits, including the finer details associated with the points above, consult with the companies you’re interested in doing business with.
You can start by requesting an online quote for coverage. From there, you can make contact to discuss your particular situation and to ask any specific questions.
With so many benefits of whole life insurance, you owe it to yourself to clear the air before signing on the dotted line. By taking this approach, you can focus on the additional benefits of whole life insurance. And ensure that you spend your money on a policy that provides everything you (and your family) could ever want.