To purchase a whole life insurance is a serious decision, so it is very important to weight pros and cons.
Instead of term life insurance, a whole life insurance policy covers you for whole life. Some amount of your insurance premiums is invested by your insurance company, so you will be able to accumulate some funds which you can withdraw with deferred taxation. You can also get a loan against these funds which sometimes is really helpful. So whole life insurance is the right choice if you want to make a good investment.
There are different whole life insurance quotes which offer different amount of coverage and premium rates. Traditional whole life insurance plan guarantees you a minimum value of return on your money value part. Some policies offer a variable rate which is really helpful when the economical situation changes. They are called interest-sensitive whole life insurance policies. For those who have a large sum of cash and want to get a whole life insurance policy a single-premium whole life insurance policy was designed. You can pay for your policy up front, tax shelter is also included if you want to make a cash return.
Whole life insurance is more expensive than term life insurance, though you premiums remain constant and you can cash their part back. Use whole life insurance calculator to determine which coverage you need and what premium rates will be. There are many whole life insurance companies, so study their offers and find the best deal! If you have any questions, do not hesitate to ask a professional for help.