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Where can one find a whole life insurance calculator?
One can find a whole life insurance calculator online at various websites. Some of those websites are Bank Rate, Met Life, Aviva, Term-Life Insurance and Daily Finance.
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Where can someone find information about what is the difference between whole life and term life insurance?
The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to t…he named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy.
Whole life insurance is a life insurance policy thast remains in full force and effect for the life of the insured, with premium payments being made for the same period.… It gives you lifetime coverage as long as you pay the premiums. This type of policy may build cash value within the policy.
Whole life insurance gives you lifetime coverage at a premium rate that does not increase with your age after you buy. In the early years of the policy, when you're a low risk…, you'll pay more in annual premiums than it costs to insure you. As you become a higher risk at an older age, the level premium eventually becomes less than the amount it takes to insure you. Level premium payments build a reserve in your policy that is used to insure you as you age. Insurance companies call this reserve the "cash value." Click here for more about the different types of whole life insurance and the different ways to pay the premiums. Here's some information from consumer organizations and state departments of insurance. Whole Life Insurance Whole life is a type of life insurance that builds a "cash value". The first 2-4 years you pay your premium, none goes into your cash value. The fees and expenses of the policy take that portion of your premium. After the 2-4 years pass, you begin to accumulate a cash value. If you want your money out of your cash value, you borrow it, typically at 6%-8% interest rate. Which, you pay the interest to the COMPANY, not back to yourself! Not only that, but when you die, the company will KEEP your cash value. Assume you have $2,000 of cash value, and your death benefit (insurance coverage) is $50,000. Your beneficiary only gets the $50,000 -- the insurance company keeps YOUR $2000 of cash value. The idea behind whole life, is that at the age of 100 you'll accumulate in your cash value your death benefit amount. So, up until that point, the insurance company takes the difference of your death benefit amount and your cash value, and they pay the difference. By the way, if you borrowed your $2,000 and then died, your beneficiary would only get $48,000!!! Look in your policy. There is a table which projects your cash value amounts throughout the years of your policy. One column says what your death benefit is. Notice how that stays level, even as your cash value goes up. It's because the cash value is NEVER REALLY YOURS!!! Your beneficiary will only get your coverage amount, NEVER the coverage amount PLUS the cash value!!! Note that whole life policies are designed to mature at age 100. The assumption is that you will not live that lon g but if you do your premiums are considered paid in full and and the cash value in the account has reached the face value of the policy. Insurance companies at this point will issue checks for the full value and the contract is considered completed. A type of permanent life insurance, whole life insurance is applicable for a lifetime. Generally the life insurance premiums remain fixed for the entire span of the policy, and are therefore on the higher side. With a cash value component, this type of policy has investment benefits for the insurer, which can be made accessible through policy loans or surrenders.
Adjustable whole life insuranceAdjustable whole life insurance allows you to vary your coverage as your insurance needs change. You normally choose the face amount you need an…d the premium you want to pay, and the company calculates a plan that provides coverage for your request. The result could be any plan from a term policy with a short period to a limited-payment whole life policy. You can also choose the type of plan and face value you want, leaving it to the company to calculate the premium rate needed. Also known as flexible premium adjustable life insurance, adjustable life insurance is recommended for those who want flexibility with their insurance policy along with the cash value benefits and protection. As the family and circumstances change over time, the insurance holder can customize the coverage and modify payments and terms. Along with the investment component of such a policy, other benefits include the ability to modify the term of coverage, increase or decrease the premium rate, change the term of the policy and lower or raise the face amount.
under this type of policy, the insured pays premiums for his or her entire life :) thankkk emery.s (;
You can but make sure it is the correct thing to do. Once cashed it you can never get it back. Depending on your age (over 45) and the policy value, you may get more mon…ey by selling it to a life settlement company. You can call 866-670-8189 for more information.
Whole Life insurance is not a security. Because there is a guaranteed cash value during any year the policy is in force there is no risk of loss of principle (unlike a securit…y that has no principle guarantee to the owner). Being a unilateral contract the insurance company must contractually pay out the cash value at any time the policy owner requests it (or at any time pay out the guaranteed death benefit upon the death of the insured). With the market unsteadiness we have seen the last several years, whole life insurance is once again becoming popular because of its guarantees (both death benefits and cash values).
Whole life insurance is not necessarily bad but it may not be right for you as it can be substantially more expensive than a term insurance. If you need life insurance but don…'t want to pay the high premiums on whole life insurance ask for term insurance quotes. Whole life insurance is a level premium from the time you get the insurance until you die which is good if you have an estate that will need liquid funds but not necessarily right for someone who is just looking for life insurance until their kids are grown or their mortgage is paid off
It is a cash value policy with a death benefit that gradually increases to the full death benefit over time usually a period of 3 years. This type of policy is offered t…o people with medical conditions that may otherwise make them unable to buy life insurance. If you are healthy you do not want this type of policy.
Whole life insurance, as the name implies, is insurance which provides coverage for the policyholder's entire lifetime. Whole life policies can be divided into two categories…: participating and non-participating. Both policies provide level premiums, lifetime protection and a guaranteed cash value-but participating whole life plans pay an annual dividend. The annual dividend is NOT guaranteed, and in most instances is linked to long-term interest rates as well as the insurance company's performance. If you have an existing participating whole life policy which was purchased in a high interest environment, it is a good idea to request an updated policy illustration-the projected values may have changed dramatically. Most participating whole life policies have multiple dividend options.
Term insurance is written for a specific period of time or until an age certain (the term). It may be for 1 year, 5 years, 10 years or it may be until age 60, 65, 70, etc. At …the end of the term the insurer may cancel the policy, raise the premium, reduce the benefit, or some combination of these. Some policies are guaranteed renewable by the insured but always at a higher premium or smaller benefit. Whole life insurance lasts your whole life. The monthly premiums are higher at the beginning but remain level (no increase) throughout the premium paying period. Because of the reserve which is built up inside the whole life policy the insured has more benefits such as cash value, policy loans, paid-up insurance, or extended term coverage.
Yes It depends what you mean by safe. Historically, they have been safe in the sense that insurance companies have generally paid claims and let policy holders take out loans,… and cash in on their policies. However, the cash values are not FDIC insured so if the underwriting insurance company fails, the policy holder might not be able to receive their full amount. Still, most people would consider them relatively safe regarding the company's faithfulness to adhere to the contract. That being said, a potential problem with buying whole life, universal life or other types of permanent cash value insurance, is that the consumer often does not understand what they bought and why they bought it. Consumers should be aware of how much of their annual premiums are going to agent commissions, how much are going to their cash values, and how much are going towards the insurance coverage in the contract. Forthermore, consumers should compare what the same whole life premium outlay amount could provide them if instead they purchased term insurance (much less expensive) and invested the difference in premium in a 401k or IRA mutual fund. Many shoppers have run these numbers and discovered that term insurance and investing separately outside of a life insurance policy better meets their needs.
Most modern-day insurance providers offer free quotes on their official websites. Visitors can provide details about their current age and health, and the website will offer a…n estimated price.
One can find a Hartford Life Insurance office by looking in a local phone directory. One can also call 1-860-547-5000 to find a Hartford Life Insurance office.
A whole life insurance is often a highly priced (based on the buyers age) insurance which requires a one time payment, but will remain active for the buyers 'whole life'. This… is profitable for the company if the person passes away early.
You can find a great homeowner insurance calculator online by going to the major home insurance sites specific for your state, as taxation varies. Failing that, you can try Li…berty Mutual, they have a great calculator.