Whole life insurance vs
Whole Life Insurance Policies - Stuff Some Insurers Don't Offer
By Chimezirim Chinecherem Odimba
Whole life insurance policies have standard features. However, some insurers have additional features that are very beneficial. It's a good idea to know what they are so that you can take advantage of those that are in your best interests. Here are features that every insurer may not include in a whole life insurance policy...
1) Where it is provided in the policy or with the prior authorization of the policy holder, an insurer can draw from the cash value to keep the policy in force if you miss a premium payment.
2) You can choose to stop paying premiums after a time by either reducing the level of coverage you get or, where the contract allows, by continuing the policy as an extended term life policy for a given period.
3) You can buy an annuity with the cash value.
4) You may use the policy as collateral to borrow from either the same insurer of a bank.
5) Some whole life policies earn dividends which can be taken in cash, used to buy more insurance or used to pay premiums. Such policies are called "par" or "participating" policies. The dividends are usually not taxable as they are seen as refunds of excess premiums.
I expect that should have seen a few features that will be beneficial to you. So make sure you buy from an insurer that includes those features in your whole life insurance policy.
You can pay far less for whole life insurance by getting and comparing many whole life insurance quotes from reputable insurance quotes sites.
Here are my favorite pages for life insurance quotes...
InsureMe Life Insurance Quotes
Publishers can get unique versions of my articles by following any of the links above. Click on "To Use My Articles" when you get to my site.
Chimezirim Odimba writes on insurance.
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