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 | | Would you rather speak with a live person?
Call now and let us know you are with the NSPRA.
Tel: 877-647-8683 ext 1
info@seniorrodeo.com |
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PermaPlan |
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Whole life insurance should be purchased to answer a lifetime of life insurance needs. Whether you need it to replace your income, pay for college expenses, or use it for estate planning, whole life insurance should almost always be part of your insurance planning.
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Additional Information |
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What is the difference between Whole Life and term insurance?
Whole life insurance is just that—permanent, for your whole life. In the analogy of buying a house or renting an apartment, whole life insurance is like buying a house; that is why it is more expensive than term insurance. You own it until you die or it matures. If you want insurance to pay a death benefit to your family or loved ones, then permanent insurance is the safest way of doing it. Mortality tables suggest that most people will live well into their 70s and many to age 80 and beyond. Whole life Insurance takes the guesswork out of the equation.
Term insurance is commonly referred to as temporary coverage. For example, a newly married couple may want to buy life insurance to protect their mortgage on their house. Another may want it to assist a spouse and children in the event of an untimely death. Term insurance is usually less expensive than permanent insurance because insurance companies charge premiums based upon the likelihood of your death. If you are 30 and you buy a 20-year term plan, the likelihood of your dying between the ages of 30 and 50 is relatively small. If your term plan runs out, you must re-qualify for coverage based upon your current age and health conditions. Whole life insurance should be purchased when you feel that you have a lifetime of life insurance needs. Whether you need it to replace your income, pay for college expenses or use it for estate planning, whole life insurance should almost always be part of everyone's insurance planning.
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