Whole Life Insurance

life insurance quote A whole life insurance quote is for your whole life, as opposed to term life insurance, which is for a specific term, such as twenty or thirty years. That is the primary benefit of whole life: a payout is guaranteed. You will not have to worry about becoming uninsurable later in life, and unable to obtain life insurance of any kind.

This benefit of a guaranteed payout comes with a price: your premium may be several times higher than the premium for a level term life insurance policy of the same face amount. This is because a portion of your premium life insurance quote  goes to fund a tax-deferred cash value account. And of course, you are buying the life insurance for a longer time period: your whole life.

If you decide to cancel your whole life policy, you are entitled to receive the cash value. Additionally, you may borrow against the cash value at a reasonable interest rate. When you die, funds will be deducted from the insurance proceeds to pay the amount of any loans and interest, if you have not paid them off life insurance quote.