In whole life insurance, you pay WAAAY to much to the insurance company and you typically get nothing in return. This "insurance" product provides life insurance and also builds up a "cash value". However, the rate of return on the "cash value" portion is typically horrible (4% or less - compare it to a mutual fund). Also, if you die, the insurance company pays the face amount of the policy (just like they would if you had purchased the much less expensive term insurance) and keeps anything that was built up in cash value. Plain and simply. Don't get suckered into buying whole life insurance. Buy term and invest the difference in a good mutual fund.
Many insurance companies offer a way to compare whole life insurance rates. They also offers comparisons for term life insurance rates as well. Nationwide even offers a feature that will help someone decide how much life insurance coverage might be needed.
Whole life insurance varies in cost just like term insurance. The additional factor that goes into whole life's cost is that there is cash accumulation and it the extra money that goes toward that. There is no way to say exactly how much it is but I will give one example. Female in her mid 30's can buy a 1,000,000 polcy for around $60/month for 30 years. That same amount as a whole life would be $470/month. There are reasons for each type of policy but Whole will almost always be more expensive than term insurance, unless there are health conditions and then, sometimes it is close in price.
That depends on a lot of factors, especially things that affect your expected life span. Your age, gender, health and lifestyle will all affect your premium. There is also a big difference between the cost for term insurance and whole life insurance.
Unlike whole life, an endowment life insurance policy is designed primarily to provide a living benefit and only secondarily to provide life insurance protection. Therefore, it is more of an investment than a whole life policy. Endowment life insurance pays the face value of the policy either at the insured's death or at a certain age or after a number of years of premium payment. Endowment life insurance is a method of accumulating capital for a specific purpose and protecting this savings program against the saver's premature death. Many investors use endowment life insurance to fund anticipated financial needs, such as college education or retirement. Premium for an endowment life policy is much higher than those for a whole life policy.
You have not provided enough information to know. It can depend on how much you have paid on it, and also the exact type, and what - if any - disclaimers, exclusions and conditions are in it. You need to contact your insurance agent. He/she can let you know.
Many insurance companies offer a way to compare whole life insurance rates. They also offers comparisons for term life insurance rates as well. Nationwide even offers a feature that will help someone decide how much life insurance coverage might be needed.
The benefits of having Term Insurance as opposed to Whole Life Insurance are that Term Insurance is cheap for people up to the age of 50 and even up to the age of 65 in some cases. Whereas Whole Life Insurance is much more expensive as you are also paying for an investment in bonds or stocks which add significantly to the premium
A life insurance calculator works by figuring out how much you should pay per month (sometimes other units of time) for a set amount of insurance money. For example, if you have a $500,000 life insurance quote, they will calculate how much you pay a day for it.
Common questions about life insurance that one should ask the life insurance agents before buying a policy are if it is term or whole life insurance and how much it cost.
There are a lot of life insurance companies. The site http://www.life-insurance-companies.com/ will give you the top 15 sites. There is term life and whole life also and you need to decide which type you want and then go from there.
The amount that is paid by whole life insurance is the face value of each policy. It would be paid to the beneficiaries listed by the owner upon his/her death.
It depends on what type of policy you get. Term life insurance is a limited policy which you retain for a specified number of years. Whole life insurance is a policy that covers you for life. There are pluses and minuses for each. Term life rates can go up yearly but the cost at first purchase is much lower than whole life. For more information, talk to your agent
Whole life insurance varies in cost just like term insurance. The additional factor that goes into whole life's cost is that there is cash accumulation and it the extra money that goes toward that. There is no way to say exactly how much it is but I will give one example. Female in her mid 30's can buy a 1,000,000 polcy for around $60/month for 30 years. That same amount as a whole life would be $470/month. There are reasons for each type of policy but Whole will almost always be more expensive than term insurance, unless there are health conditions and then, sometimes it is close in price.
Some low rate life insurance policies are the whole life policies. Life insurance policies are contained in a contract between an insurer and the insured, stating how much would be paid to a designated beneficiary in the event of the death of the insured.
Depending on what company you go to, it will be different. Whole life insurance at MetLife will cost you $10/month female and $12/month male for a coverage of $2500. For a coverage of $20,000 it will be$70/month female and $80/month male.
It is life insurance that you will have for your entire life. A side benfit of whole life is it builds a cash value much like a savings account. It is more costly than tem in the beginning but far more cost effective later in life. Term insurance is the Cash Cow for insurance companies. Only 2% of term policies sold ever pay a death benefit. Think about it! You are going to die someday. With or without insurance? 4lifeguild
Generally, whole life insurance pays a first year agent's commission of 55%; the General Agent then get's an override of appx. 45%, which may or may not be shared with the agent. But keep in mind that the agents commission is not relevant to the descision to buy if the life insurance proposed is the correct answer to the problem!