What is a Whole Life Insurance Policy?

Life insurance is essential in our daily lives especially if you have a family that depends on you for their financial needs. But what if you don’t have one and you suddenly die, what do you think will happen to your family?

The thought is just awful. If you are a father and you don’t have one yet. I think it’s about time you consider your options and get one. The thing that you need to remember to get you started with life insurance is to know the types of life insurance policies available for you. We basically have two types of life insurance policies. We have, term insurance and whole life insurance.

Term life insurance or no medical exam term life insurance is  an insurance policy that you basically purchase for a certain period of time. This means that you can purchase a policy without having to go to a doctor and get an actual physical.  It is also called a no physical term life insurance policy.

If you die within or during that given period, your chosen insurance company will pay your beneficiary the face value of your insurance policy. Simple right? I would recommend you to take this policy because of it’s easy and simple process. It’s cheaper, so it’s perfect if you’re looking to save good money for the future.

Whole life insurance is not as easy as term life insurance though. It’s quite complicated and needs to be analyzed carefully.

Whole life insurance is an insurance policy made to stay with you as long as you’re breathing. You’ll be paying the same set of premiums as long as you exist and it’s much more expensive compared to term life insurance.

Whole life insurance is more expensive because it’s there for you until you die. If in case you die, the company will be paying out money. It also has a built in savings component.

Well for me, term life insurance is the best option than any high risk life insurance or whole life insurance. It’s cheap and easy.

For additional insurance information visit http://liabilityinsurancefacts.com

Return to the Mad Progress Home Page.

Share Button