There are not a lot of people who are well aware of the real meaning of whole life insurance. With the name in itself, you can expect that this kind of life insurance will be able to cover your entire lifetime serving as your permanent plan. Compared with term life insurance where you will be paying for increasing premiums, with whole life insurance, you just need to pay a fixed amount of premium for your entire life. When you want to know more about this kind of life insurance, here you will find everything you need to know and more about it.
The maturity of some whole life insurance plans should be able to reach as high as a hundred years old. Get more information on What is whole life insurance from here. It is during this age that the face value of the policy will now be equal to its cash value, and the age were premiums must end. The insured must be getting this cash value then. Most of the time, a whole life insurance policy will not specify the length of maturity. The premiums are often calculated based on the age of the insured, this is usually from the age of getting this insurance until 85 years old. However, the premiums for females might be different from the males because the former has a longer life span. When the premium amount has been identified by the insurance company, this will be made a fixed term amount that will be paid by the insured in quarterly yearly, yearly, half yearly, or monthly.
A guaranteed death benefit is a given among those policy holders who make sure to pay their premiums as expected. If the insured will die because of an illness, accident, or old age or even at a young age, you can expect the that life insurance company will be providing some money to the beneficiary. This particular amount of money that the beneficiary must be getting will depend a great deal on how much the insured has bought the whole life insurance accordingly. What is whole life insurance? Click here to find out. For instance, if the policy holder decides to get a hundred thousand worth of whole life insurance coverage, when he or she dies, the beneficiary will be getting the entire amount.
For the insured of the whole life insurance, it is cash value that he or she will be getting. This cash value can be borrowed some money from. If, for instance, the insured will not be paying for some time his or her insurance, this cash value will be the one to pay for the premiums so lapses are avoided. But then, premiums must be continually paid by the policy holder when his or her cash value has already been depleted by him or her to avoid suffering from policy lapses.