If you have been searching for information about life insurance, you might have found the entire process to be confusing. Although you might have found some cheap options, you also might have been confused by the different types of coverage that are out there.
It’s important to understand that not all types of coverage are created equally. Therefore, it’s a good idea to learn more about each type of insurance before you buy a policy.
Luckily, this quick guide can tell you a little more about the different types and levels of coverage. Then you can use the instant online search tool to get access to rates from different companies in seconds. In no time, you’ll be on your way to filling out an application and securing coverage for yourself, no matter which type of life insurance you choose.
What is Whole Life Insurance?
You might have found information about term life insurance, universal life insurance and other options. One choice that you might be interested in is whole life insurance. However, you could be wondering how it differs from your other options. These are a few things that you should know:
- This type of coverage never expires. Unlike a term option, you don’t have to worry about outliving your coverage and being left without any coverage or having to shop for another option at an older age.
- Your coverage will gain value over the years. Basically, some of the money that you pay in your monthly premiums will be put into an investment account, where it will grow due to interest.
- Once your coverage has gained value, you can borrow the money in the event that you need it.
- When you pass away, the death benefit will be given to your beneficiary, and it will all be tax-free.
- Your coverage will be very predictable, and you don’t have to worry about paying higher rates later.
Although this type of policy isn’t the best option for everyone, many people like the fact that they will be covered for the rest of their lives. Many also see it as a critical part of estate planning and a great way to invest in the future, since your money will grow in a high interest savings account that you can borrow from when you need it. Coverage quotes will vary based on the type of coverage that you are looking for, whether or not you are looking for a no medical exam required option, and whether you mind answering health questions. Nevertheless, this is a very good option for you to look into if you want to invest in your future.
How to Shop for Coverage
Shopping for this type of coverage, or any type, is easier than you probably think. You don’t have to tackle it all on your own; instead, you can use our simple online tool to compare your options.
We have helped seniors and younger adults alike to purchase this type of coverage and other types, and we can bring you pricing from some of the top providers in the country. If you want to find affordable coverage today, go ahead and enter your zip code into our search tool to find out more about your options.