Affordable Whole Life Insurance
Affordable whole life insurance is available to meet the many different needs of a family all across the nation. Life insurance can be used for asset protection, family protection, retirement savings and more. Many financial planner and CPAs don't particularly like whole life insurance policies. The reason for that is that they will usually advise someone to buy term insurance and then invest the difference in price. While whole life insurance can be expensive, the amount of value that you get in your policy can be a real bargain.
One thing that people will do with a whole life insurance policy is that they will use it as a savings account, allowing the policy to accumulate a cash value every month when they pay their premiums. A great benefit to doing this is that the owner of the policy can then get a loan from the insurance company, leaving their own cash in the policy as collateral. The company will then charge their client the same interest rate on their loan that the policy is earning. This effectively turns into a zero interest loan that can be paid back, or not. Usually, if the policy holder does not pay back the loan, the outstanding balance of the loan can be deducted from the death benefit once the insured passes away.
Another great benefit to this type of plan when compared to term policies, when the term policy expires, it cannot be renewed in many cases. This can be a problem.
Example: Lets say you have a 10 year term policy, and 8 years into your policy you get cancer, but then you don't die. Well once your term policy expires it cannot be renewed, but now if you wanted to buy more coverage, you have a recent history of cancer in your medical record and would not qualify for more life insurance coverage. You are uninsurable now. With an affordable whole life insurance policy, you get the plan in place, keep it for your whole life, when you die, your beneficiaries get the death benefit (or face value) of the policy.
To make sure you have enough coverage, compile all of your debts future plans (kids college, paying off mortgages etc) and multiply that number by a factor of 10. This number is a good idea of a starting point for how much coverage you will need.
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