Question
What is whole life insurance?
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17th Dec 2009 by Gary
Whole life insurance offers the same death benefit that term life insurance offers (assuming you buy the same amount). The difference is whole life insurance adds an investment component to the mix, and so you are able to build up cash value while your beneficiary is covered by insurance if you prematurely die. For the most part whole life insurance is a waste of time, and you could use other investment vehicles to build wealth rather than whole life, which most say you must hold for a minimum of 20 years before you receive anything out of it. Why bother?
Whole life insurance offers the same death benefit that term life insurance offers (assuming you buy the same amount). The difference is whole life insurance adds an investment component to the mix, and so you are able to build up cash value while your beneficiary is covered by insurance if you prematurely die. For the most part whole life insurance is a waste of time, and you could use other investment vehicles to build wealth rather than whole life, which most say you must hold for a minimum of 20 years before you receive anything out of it. Why bother?
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26th Oct 2009 In Life Insurance
1 Answers | 91 Views
Subjects: life insurance,
whole life insurance,