Before deciding which kind of life insurance policy is best for you, you must know the key aspects of whole life insurance and how it will be beneficial for you. With a whole life insurance policy you can make your loved ones financially secure in the event of your death. Simply speaking, life insurance helps your loved ones by paying them upon your death.
What is whole life insurance?
Whole life insurance is a permanent life insurance, which covers your whole life with timely premium payments as long as you live.
With increase level of premiums and cash values, this life insurance policy will be the best choice for long-term goals. The amount of guaranteed cash values could provide money to help during emergencies or temporary needs.
Features of Whole Life Insurance
1. Premiums generally are level and payable for life: In the starting premiums will be little higher than a term life insurance but as you go elder, the less expensive will be your annual premiums.
2. Dividends: Dividends are not guaranteed with whole life insurance but there is a chance of earning dividends.
3. Guaranteed Cash Values: In case of term life insurance,...
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