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Whole Life Insurance Part 2 |
Whole life insurance is most suitable for you, if you want to:
- use it as a tax and estate planning vehicle,
- accumulate cash value for a child's education or retirement,
- pay final expenses,
- provide money for a favorite charity,
- fund a business buy/sell agreement,
- provide key person protection.
Before buying the whole life insurance, you need to think carefully about choosing your level of coverage. Too often people make the mistake of insufficiently covering or even worse, financially overextending themselves. This would be a tragic error with whole life insurance policy because defaulting on premium payments can mean policy cancellation and the loss of your entire investment. So be careful and make sure you:
- pick a life insurance policy that has a guaranteed cash value starting at the very first year,
- choose the one with the highest cash value in the very first year,
- consider "participating" insurance policies which can pay dividends, increasing your policy's value by boosting both the total cash value and the death benefits,
- beware of any insurance policy that levies "surrender charges" when you cancel.
- if you ever need to stop paying premiums, your policy lets you use the accumulated cash value of the life insurance policy to pay the premiums, thus keeping your coverage current.
Author: Peter Lee
Site: http://www.what-is-insurance.info
Know about Term Life Insurance, Whole Life Insurance, Car Insurance, Travel Insurance, Health Insurance and other related insurance policy.
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