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A logical candidate for whole life insurance would be someone who needs a moderate amount of death protection at predictable monthly or quarterly cost, and who is interested in amassing some amount of "savings" as well.
While whole life insurance should never be considered to be an investment, it does contain a savings element, called "cash value". A part of each premium is applied to the cost of providing the death benefit, and a part is applied to cash value. Cash value accumulates slowly at first, but as the policy matures, it grows more quickly. The accumulated cash value, or a part of it, can generally be borrowed at an interest rate that may be lower than market interest rates.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThose who have dependents, debts and a limited budget are logical candidates for term life insurance. Term life insurance will cover the critical years of your life when debts are high and budgets are tight. This way, if you die, your family can use the death benefits to pay off all your debts and still have enough to survive on.
Disclaimer: I work for AccuQuote and this is my personal opinion.
Wiki User
∙ 10y agoAnyone who owns a home can benefit from the protection afforded from a Homeowners Insurance policy.
Typical coverages offer protection for homeowners from losses known as "Perils" or "Hazards" such as damages from Fire, lightning, wind and hail storms as well as many others.
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What is the difference between life insurance and whole life insurance?
The key difference between life insurance and whole life insurance is that regular life insurance carries a fixed term while whole life insurance covers one's entire lifetime. Whole life insurance also accumulates a cash value that one can borrow money against.
What is the definition of the term 'whole life insurance'?
A whole life insurance provides coverage for an individual's whole life. A savings components which builds overtime and can be used for wealth accumulation. Whole life is the most basic form of cash value insurance.
Where can one compare term life insurance versus whole life insurance?
There are many places where one can compare term life insurance versus whole life insurance. One can compare term life insurance versus whole life insurance at popular on the web sources such as Wealth Pilgrim and MSN Money.
Where can someone get term or whole life insurance?
One can get term or whole life insurance through various insurance agencies. Some insurance companies that provide term or whole life insurance include MetLife, AAA, and State Farm.
Where can one get whole life insurance?
New York Life if one reputable company which offers whole life insurance. You can apply and receive quotes for whole life insurance policies online or by contacting a representative.
Where can someone go where whole life insurance is explained?
One of the best companies to approach to have whole life Insurance explained is Swinton Insurance. They have offices in many locations and are experts in all aspects of whole life Insurance. Alternatively you could contact Sainsburys or Tesco's who both deal in whole life insurance.
Where can one find an explanation of whole life insurance?
One can find an explanation of whole life insurance at virtually any life insurance company's website or at their company's location. Examples of whole life insurance companies are MetLife, Geico, and Farmers.
How can one define whole life insurance?
Whole life insurance varies from term life insurance because it is valid for the insured's entire life instead of just for a specified amount of time. Whole life insurance typically has premiums due each year.
What types of insurance is also known as ordinary or straight life insurance?
whole life insurance
What are the main differences of term life insurance vs whole life insurance?
A life insurance is only good for life coverage, when you die an amount of money is given. Whole life insurance includes investments you have. Such as stock market.
What is the difference between term and whole life insurance if there is any?
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
What is the difference between whole life insurance versus term life insurance?
Term life insurance is an insurance that is set for a specific time period, for example, one can obtain term life insurance for 30 years. Whole life insurance covers one from application to death.
