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Whole Life Insurance - Whole Life Insurance Information The original purpose of life insurance was to provide for your family in the case of your death. While this purpose is still the most potent reason to take out a life insurance policy, there are a number of other ways that life insurance can be used to benefit you and your family, even while you are still alive. The key is in choosing a whole life policy rather than a term life insurance policy. A whole life policy is sometimes called 'permanent life' insurance. It will cover you throughout your life rather than just for a specified amount of time, or a term. There are many advantages to a whole life policy over term insurance, and many ways to make a whole life policy affordable. The cost of a whole life policy is based on the 'face value' of the policy - the death benefit that it will pay if the insured dies. A whole life policy that will pay $100,000 if the person insured dies has a face value of $100,000. As you pay premiums on your life insurance, those premiums accumulate into a 'cash value' - the amount of insurance that you've paid into the policy. Most companies base that figure on making payments for 100 years, which is the point when the face value and the cash value will be the same. Generally, your whole life insurance premium will rise as you get older, reflecting both the added risks that come with age and the fact that your income » Discuss it » Continue Reading »
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