Insurance is needed because it provides financial security. You may have enough savings in your account but it is never sufficient to survive loss of life. The hospital bills, covering your expenses and looking after your family members will shake you from within. The savings that you made to retire early and enjoy your life may go into hospital bills. No matter how many precautions you take, life will toss you down if it has to.
Whole term insurance is one of the best insurance covers in terms of protecting your and the life of your family members. The whole life insurance will cover your life till the time you live. You do not have to worry at any point in your life. It never expires and lets you live happily when you are old.
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It is a permanent type of cover that protects you throughout your life against unseen risks, provided you pay your premiums on time. Since whole life insurance guarantees payment eventually it will prove more expensive as compared to the term life insurance. But again, with the extra price you will have added benefits attached like accumulating the cash alongside the policy.
The premium and death benefit for Whole life insurance is fixed throughout your life. Additionally the investment component in universal insurance is more flexible as compared to whole life insurance.
Premiums. In whole life insurance; your premiums will remain the same throughout the duration of the policy, whereas in universal life insurance premiums can be made higher or lower, according to the insurance company and the policy.
Death Benefit. As we discussed in universal life insurance, the premiums may reduce with time as you grow nearer to the end of policy, so the amount of death benefit can change too. The amount of cash value of your life policy at the time of death can be discussed before death with your insurance company. The death benefit in your whole life insurance grows alongside the investment portion, but is easier to predict.Request Now
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