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 Best Whole Life Insurance , Get Free Quote from Multiple Carriers Top rate Companies


​What is whole life Insurance?
​

Whole life insurance guarantees coverage for the lifetime of the insured as long as premiums are being paid. It comes with living benefits that include guaranteed growth of cash value which the policy owner can access when and how they wish. Whole life insurance also guarantees the premiums and costs will never increase.
 
What Are Pro and Con of Whole Life Insurance?
 
Advantages of Whole Life Insurance
 
Whole life insurance policy premiums are guaranteed for life. Premiums for other types of life insurance policies are not always fixed. Even term insurance policy premiums go up from one term to the next.
 
Whole life insurance is permanent insurance. As long as the premiums are paid, the beneficiaries will receive the death benefit no matter when the insured dies. But with a term policy, you can be deathly sick as the end of the term approaches, however if you don’t die until the day after the policy ends, your beneficiaries will receive nothing.
 
Whole life insurance policies guarantee the death benefit as well as the premiums. With other types of “permanent” insurance, the death benefit may be guaranteed, or the premium may be guaranteed—but not both. No other type of life insurance policy has as many guarantees as whole life insurance.
 
Unlike term policies, whole life policies offer a range of living benefits that don’t necessarily eat into the policy’s death benefit. See below for the advantages of “supercharged” dividend-paying whole life policies.
 
Term life insurance does not build cash value, which is a form of savings with highly competitive growth and oodles of tax advantages. Whole life insurance does build cash value, and the growth of your cash value is guaranteed.
 
You wouldn’t normally take out a life insurance policy intending to cancel it a few years down the road, but sometimes that happens. If you cancel your term policy, that’s it. You cancel, you’re done. When you cancel a whole life policy, the cash value, if any, will be returned to you—so you’ll have something to show for all those premium payments you made.

Disadvantages of Whole Life Insurance
 
The fact that a whole life insurance policy has more features than plain term insurance means it’s a bit more complex, because owning something is more complex than renting it. (Compare owning a car to walking up to the counter and renting one.) But this No-Nonsense Guide will help you understand the complexities, and your life insurance advisor should be able to assist if something isn’t clear.
 
Whole life has higher premiums than term life in the early years, but unlike term policies where the premiums usually increase at renewal time, whole life premiums remain level. Also, a portion of every premium dollar you pay goes to fund the savings component of your whole life policy, which gives you real cash you can access for any reason.
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WHOLE LIFE INSURANCE OVERVIEW
Duration                                            Life
Guaranteed Death Benefit                Yes
Guaranteed Cash Value                    Yes
How Cash Grows (or Shrinks)          Earns interest at pre-determined rate
Premiums                                         Remains level

Notes    No risk compared to other permanent types such as Variable Life Insurance, but there are probably better investment options for the cash you’ll contribute
 
Cost of whole life insurance
Since whole life insurance is guaranteed to pay out eventually, it is much more expensive and more complicated than term life insurance. Most permanent life insurance policies like whole life are at least six to 10 times more expensive than term life.
 
ANNUAL PAYMENT          MONTHLY PAYMENT
$100,000             $1,050/ year      $99/ mo
$250,000             $2,450/ year      $222/ mo
$500,000             $4,850/ year      $422/ mo
$1,000,000          $9,550/ year      $832/ mo

​Riders
Whole life insurance can be customized with additional features or add-ons to provide different types of optional coverage. These features—called riders—will increase the cost of the premiums. Each company offers different riders at different prices, so be sure to ask the insurer for details and read the policy’s fine print. Not all companies define life events such as critical illness or disability the same way, so terms may vary by state. Here are some of the most common riders:
 
Long term care rider
In the event that you require long-term medical care in old age that your health insurance policy won’t pay for, such as nursing home costs or at-home care, a long term care rider on your whole life insurance policy will cover the costs. Payments for long-term care will be made monthly.
 
Family income benefit rider
In the event the insured dies prematurely, a family income benefit rider provides steady income to the family beneficiaries to cover monthly costs beyond the lump-sum death benefit payment. The amount and duration of these monthly payments are determined when purchasing the rider.
 
Disability waiver of premium
A disability waiver allows the insured to skip paying monthly premiums in the event that he or she suffers a loss of income due to disability. Premium payments can be skipped without the policy being cancelled until the insured recovers and regains the ability to generate an income. Whole life insurance can be very expensive, and without this rider the insured runs the risk of being unable to make monthly payments and losing coverage.
 
Accelerated Living benefit rider
Allows the insured to access the death benefit payout while still living if he/she is diagnosed with terminal illness and needs to use the cash to cover the costs of care. This is similar to the long term care rider mentioned above, but in this case the payment received comes out of the death benefit instead of being provided in addition.



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Laguna Beach, CA

Forbes Financial Services​
1968 S Coast Hwy
Suite 1071
Laguna Beach, CA 92651
(866) 606-9797​
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Monrovia, CA

Forbes Financial Services​
185 W. Chestnut Ave. 
Monrovia, CA 91016 ​
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  • Home
  • Life Quote
    • Term Life Insurance >
      • Term Life Insurance with Living Benefit Quote
      • Mortgage Term Life Quote
      • Family Term Life Quote
      • Return of Premium Term Life Quote
      • Guarantee Level Term life Insurance Quote
    • Whole Life Insurance
    • Single Premium Life Insurance Quote
    • Final Expense Insurance Quote
    • IUL Indexed Universal Life Insurance Quote
    • Joint Universal Life Insurance Quote
    • Survivorship Universal Life Insurance Quote
    • Life Insurance for Non US Citizen
  • Services
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Policy Review
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Final Expense
  • Annuity
    • Traditional Fixed Annuity Quotes
    • Fixed Income Annuity Quotes
    • Fixed Indexed Annuity Quotes
    • Single Premium Immediate Annuities Quotes
    • Deferred Income Annuities Quotes
    • Fixed Deferred Annuities Quotes
    • Rollover 401k to Annuity
    • IRA Rollover to Annuity
    • CDs rollover into Annuity
    • Annuity For Retirement
    • Best Retirement Annuity Fund
    • Annuity For Retired people
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