Advertiser Disclosure

Things You Need to Know About Permanent Whole Life Insurance

Things You Need to Know About Permanent Whole Life Insurance Finance

Permanent whole life insurance is a type of insurance that provides a very low-cost protection of term life insurance (life insurance that does not expire) and a death benefit with a savings portion. The insurance component, as expected, pays a fixed amount of the premium to the deceased’s family. The investment component, on the other hand, allows the insured individual to borrow or withdraw a certain sum of money against their premium value.

Across the Country, medicine is an expensive field. The cost of medical treatments is exorbitant if an individual is not insured. Hence, it is important for every individual to have insurance, and to choose the right kind of insurance to suit his needs. Insurance can be sub-categorized based on high or low premium, or maximum flexibility. Many organizations like Assurity, American National, Guardian, New York Life, Penn Mutual and United of Omaha offer different types of whole life insurance policy to people.

These days, many people are turning towards ‘no medical exam’ policy to save time and get insured fast. Many companies specialize in providing such policies to people of different ages and levels of income. American National offers whole life insurance up to $150,000 without a medical checkup. These are approved within 48 hours. American national also offers easy conversion and waiver of premium on this. It is one of the cheapest whole life insurance offered in America.

Borrowing from life insurance is perhaps the biggest benefit of buying a whole life insurance policy. However, there are many pros and cons to this. Borrowing from a life insurance is easier than taking a loan from the bank. It involves fewer formalities. If the borrowed amount is significantly less than the cash value of the policy, only then is it advisable. Paying back is also more flexible. On the other hand, loans on policy can risk the amount received through a death benefit. As interest is added as compound interest, ineffective management can lead to the loaned amount exceeding the cash value. In such cases, the policy can even be terminated.

1311 VIEWS

top rated cards

Citi® Double Cash Card – 18 month BT offer

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi ThankYou® Preferred Card

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi Simplicity® Card - No Late Fees Ever

cards
  • Purchases Intro APR
    15.74%
  • Regular APR
    15.74% - 25.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer

cards
  • Purchases Intro APR
    14.74%
  • Regular APR
    14.74% - 24.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0
Banking

Online Banking Easy Efficient And Environmentally Conscious

Who doesn’t like everything to be easy and hassle-free? Then why not bank accounts? Yes. Online banking has made this possible. Now, online bank account opening is possible through your phones and laptops that too free of cost. Get an online bank a...
2430 VIEWS
cate

A Guide To FHA Loans

You do not have to build castles in the air anymore. If you have been dreaming about owning your own home, and are worried about your low credit rating or non-availability of funds for a down payment, FHA loans are the ideal solution for you. Help...
1390 VIEWS
Finance

Nuances Of Same Day Approval Loans That You Need To Know

A same-day cash loan is a payday loan which is made available on the same day without a thorough checking of the borrower’s creditworthiness, his motives or his personal life. Consequently, these loans are available in small amounts, usually from $...
1316 VIEWS