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What Is Whole Life Insurance Policy?

by Absolute Value Absolute Value Insurance
Talking about whole life insurance Los Angeles, the main difference between whole life insurance and term life insurance is that the former will last for your whole lifetime. It is unfortunate that when you get an online quote for whole life insurance, much of the important details are omitted. An average person knows very little about this policy, so it's suggested that if you are considering to purchase this type of insurance policy, you should get some knowledge about it to make an informed decision. Whole life insurance policy has it's place in the insurance portfolio of many people as it fits some needs that is not possible with life term insurance.

Permanent life insurance

Whole life insurance can be aptly called as permanent life insurance. This suggests that you can keep this insurance policy for as long as you want to, even for as long as 100 years. A term life insurance policy cannot guarantee you that by any means.

Cash values

Whole life insurance has guaranteed cash values. Many people like this idea because they may opt to use these values as a saving of some sort to help with the college costs or even for a supplemental retirement fund.

Whole Life Insurance Dividends

It would be wrong to assume that all life insurance policies are same. They differ from each other in many aspects. Some life insurance companies pay dividends to their policy holders on regular basis, but that is not to say that they'll always be in a position to pay dividends regularly. No life insurance company can guarantee dividends and there are some of them whose performance is not up to the mark.

If a life insurance company is generally successful with their investments and is able to keep expenses down, it can be in a position to pay dividend. There are many options to choose from but generally people tend to choose ''paid up additions''.

Why cash values and dividends are important

If at some time in future you may face a situation in which you need to arrange emergency cash and that money is available to you through cash values and dividends, you may take some percentage of this in the form of policy loan. Even though it is you who take the call of how you going to repay the loan you have to borne in mind that there is interest charged on this loan. In addition, the death benefit of your policy is reduced by the amount you owe and accumulated unpaid interest.

Conclusion

Coming to conclusion, you can contact a reputable and independent insurance brokerage to get more information on whole life insurance policy. After understanding this policy, you can purchase whole life insurance Los Angeles at affordable premiums. A reliable insurance brokerage is appointed with popular insurance carriers in and around Los Angeles which makes it easier for them to get multiple quotes from various insurance carriers for the same policy.

Whole life insurance policy is more useful than any other life insurance policy and if you don't have it, it's time to get it.



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Created on May 25th 2018 01:28. Viewed 469 times.

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