Whole Life Insurance

Whole life insurance is a commonly offered life insurance option. Whole life insurance has no cut off date as long as you pay the monthly premium. There is an investment component to whole life, you will receive a cash account for your returns to build and some companies offer the option to have the cash account to pay against your premiums.

Whole Life Insurance Requires A Health Exam:

The company you are considering most likely requires a health examination to determine what your premiums will cost. Because many companies offer a constant premium cost, it is determined by this physical examination. If your health is poor, you may be considered uninsurable. If this happens, just keep shopping around, there are some companies who accept individuals who have been previously denied life insurance. The overall cost of whole life insurance is generally higher than term life, this is partly because there is only one health examination required. read this post for more information.

Whole Life Insurance

It is smart to ask yourself this, do I need to be covered for the rest of my life? Some individuals may benefit from term life insurance more so than whole life insurance, especially if they want the coverage for specific life events. If you would like to be covered for your whole life, then whole life insurance is the way to go.

Never Lie About Your Health Information:

It may be tempting to withhold information regarding your health status to secure a lower premium, but that is considered fraud. Life insurance fraud is not taken lightly, you may be prosecuted while you are alive or your coverage will be revoked upon your death. Withholding information or supplying false information can end up nullifying your coverage, leaving your dependants nothing.

Consult With An Insurance Advisor:

Most life insurance companies have advisors that you can speak to. This is recommended because they can answer any questions you may have regarding the life insurance policy in question. If you are unsatisfied with what they are saying, then move on to another company and speak to one of their representatives. Life insurance advisors are trained to answer your questions and offer direct answers about requirements and details of the policy.

Whole life insurance is only one of the four most common types of life insurance. It is recommended for individuals who wish to invest their money along with having a face value, thus enabling a larger payoff to your dependants upon your death. Whole life insurance is also a good idea for business owners, it can serve as a way to protect your business. A term life insurance policy will inevitably end, but whole life will last as long as you pay the premiums, this may be a smart decision for individuals who plan on staying in business until their death. Whole life insurance policies can be taken out for specific employees of your business as well, so if the unfortunate event of their untimely death occurs, you will have a cushion to secure some time to find a replacement. If you are interested in whole life insurance, you can find a list of 10 Canadian life insurance companies at (http://www.liic.ca/life-insurance-quotes-canada/).

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