Request A Quote
Select Insurance Type:
Request A Quote
Whole Life Insurance: The Definition
These are the insurance plans offered to protect your loved ones from the unforeseen tragedies. This means if you have bought a whole life plan, the insurance provider will take care of their financial liabilities, in case the unexpected happens. Under such scenarios, they pay an accumulated amount to the loved ones to help them with arranging the funeral, repaying the pending debts and taking care of medical as well as other essential expenses. Under these plans, the loved ones are protected as long as the premiums are paid and hence these plans are known as whole life insurance. In short, these plans are allowing the family to grieve the loss of a loved one peacefully and lessens their burden of financial responsibilities.
Benefits Of Whole Life Insurance
Whole life plans are popular among the insurance buyers for their advantageous benefits provided and some of them are mentioned below.
Coverage for Life
As the name says, these plans cover your loved ones for life and provide a life-long protection to them. Other life insurance plans may expire after a certain period and it becomes quite expensive to renew them after you get old. But under whole life plan, you don’t need to worry about these as they never expire as long as you are making the premiums. This provides a sense of security to the loved ones in the family as they know if something unfortunate happens, at least they won’t have to worry about their financial liabilities.
Lump Sum Payments And Periodic Income
In case the unexpected happens, the family is provided with a lump sum amount to take care of their financial commitments. This assurance plays a big role in the life of loved ones and provides the peace of mind they need. Also, the insured can choose a monthly income to be provided to their family members, in their absence. Moreover, if you have kids in schools or parents to take care of, you can also choose a monthly income along with the accumulated amount for their family.
Tax Benefits
This is another advantage of owning a life insurance plan. Federal governments are providing some relaxation to the taxpayers who have invested in insurance plans and you can also avail the benefit. A certain amount of your annual premiums will be deducted from your taxable income and you will have to pay the taxes for a decreased income. This may sound trivial but the premiums for the whole year are a big amount and help you save a lot at the end of each year.
Universal Life insurance
This is a type of permanent life insurance and provides a whole-life protection to the family of the insured. The offered plan is known for the flexibilities it comes with and providing different advantageous benefits to the insured. Along with an accumulated amount as death benefits, this plan also comes with varying premiums and allows the insured to choose an increasing or decreasing premium as per their specific requirements. Also, the insured can get a policy loan against the premiums paid in case they need to take care of any unforeseen expense that comes out all of sudden.
How Does The Plan Work?
Whole life plans aren’t much different from other life insurance plans as you will have to choose a plan from the offered ones and then continue paying the premiums till you are alive. You can receive top insurance quotes by filling a short form on different insurance portals or the official websites of the providers. the insurance agents from those insurers will contact you to offer the best insurance plans with them. They will properly educate you about the different plans with them and you can choose an insurance plan that offers the most coverage at the best price.
Who Should Buy This Plan?
Whole life plans are a perfect fit for many individuals with various specific requirements. Below, we are mentioning few of them.
  • If you are a young and unmarried individual looking for a plan providing a lump sum benefit.
  • If you are married and looking for a plan providing a regular monthly income to the loved ones.
  • If you have kids and are looking for a plan providing a regular monthly income along with the lump sum benefit.
  • If you are approaching your retirement and want to provide some consistent source of income for your loved ones.

Copyright © 2018, OptSoft, Inc. All Rights Reserved.