Whole Life Insurance – An Asset While You Alive & Life Insurance When You Die!

Whole Life Insurance – An Asset While You Alive & Life Insurance When You Die! For many people, there isn't any question about whether or not to buy life insurance. The bigger question for them is which kind of life insurance to buy. The two main categories are whole life insurance and term life insurance. Term life insurance provides a death benefit only, and only for a specified period of time if like renting a life insurance protection for certain period of time. Whole life insurance, on the other hand offers not only a death benefit protection for entire life but a great tax-advantage savings option as well.

Both options can provide similar amounts of coverage. But only whole life insurance provides coverage that last until the time of your death, no matter when and where that takes place. And only whole life insurance provides some of the same and better benefits as other investments. Whole life insurance, for example, builds up a cash value in a tax deferred manner that you can borrow against to avoid any taxes. And, like other investments, whole life insurance has a value that grows at very attractive rate of return without stock market risk – it's an asset that you can even cash out in the future if you choose to.

With term insurance, you have to die to win. With whole life insurance, your family does receive a benefit when you pass away, and you and your family can also benefit while you are still alive. The cash value puts the life into life insurance. Not only does the cash value accumulate on a tax-deferred basis, it actually accumulates tax free as long as you don't surrender the policy. You can access the cash value tax-free by borrowing from the policy. In essence, you have created a better account than a regular bank, because the rate of return over the long haul is better than a regular bank and a bank doesn't pay any death benefit to your family if you die. Whole life insurance can be a wonderful college savings orretirement savings account.

As buying house is costlier in short run compare to rent an apartment - there is a cost associated with the value that a whole life insurance policy brings. In general, whole life policies are more expensive initially than comparable term policies. With term insurance, you have to keep paying forever or, more accurately, until the term policy terminates.

With whole life insurance, you can use the dividends to help offset the premium or you can use the paid-up feature.

The cash value at any time will purchase a specific amount of insurance with no more premiums due….and in addition to paying the premiums, the cash value will continue to accumulate and grow. So with the right whole life insurance policy, from the right whole life insurance company, you only pay for a certain number of years but the coverage is still in effect for the rest of your life!! So it's important to get whole life insurance advice from a trained specialist at BeamaLife. Whole life insurance policies have many features and tax advantageous provisions that term life insurance policies do not have – make sure that you speak with an expert by calling (866) 972-3262 or get a whole life quote and that you understand the whole life insurance policy before you buy it.

Life insurance premiums, on the whole, have decreased in recent years. So even if you've had a whole life insurance policy for a while, it might make sense to compare the policy you own to one you might purchase now. There may be some very real savings in a newer whole life insurance policy. Compare whole life insurance quotes from a variety of reputable whole life insurance companies, and make sure that you're getting a whole life insurance quote with the premiums and benefits that make the most sense for you.

Whole life insurance policies are rarely offered through employer groups – those policies are most often term life insurance policies. So it's up to you to seek out and purchase the coverage you and your family need. Local insurance agents are representing only one life insurance company and paid by commission, so their main interest will be selling larger policies to individuals with a high net worth from one life insurance company.

Take the first step today, and request a whole life insurance quote online from BeamaLife. We've taken the hard work out of requesting, comparing top 100 life insurance companies and purchasing whole life insurance plans. No agents, no brokers – just the right whole life insurance policy, at the right premiums for you and for your family's security and comfort!