Whole Life Insurance Rates
Whole life insurance rates are much higher than term life insurance rates. This is because whole life insurance lasts for your entire lifetime and these policies usually have a cash value that can be considered an asset. Term life insurance policies have an expiration date. They generally only last for a period of up to 30 years or less or until you reach a certain age. After the term is up you can renew your policy only at a much higher rate until you reach the age of 75. Term life insurance is not available for anyone who reaches the age of 75. Since no one knows how long they will live, it is really wiser to invest in whole life insurance. A whole life insurance policy will ensure that your loved ones are taken care of financially no matter how old you are when you pass away.
Once you buy a whole life insurance policy the rate will not increase no matter what age you are. The premiums are guaranteed for the life of the policy. You can find some really reasonable whole life insurance rates if you take the time to shop online. It is best to compare whole life insurance rates before you decide on a policy. You can do this by going to an insurance comparison website. These types of websites are set up to compare premiums and policy features that will work the best for you.
Be sure to read the differences in the policies. Just because you see some whole life insurance rates that are a lot cheaper than the others it does not mean those policies will be your best option. You will need to find out the rate of return on each policy as well. Whole life can earn dividends. The rate of return will depend on the cost of the policy and the commission fees that the insurance agent requires. You should also consider talking to an insurance agent or broker. Even a financial planner can help you with your decision to buy a whole life insurance policy. Contacting an insurance agent or broker can help you to better understand the terms and conditions of the policy you are looking at. They can also help you locate the best whole life insurance rates as well. When shopping for whole life insurance rates it is a good idea to talk with a number of agents that are experienced in selling life insurance policies. This will help you to determine what a good life insurance rate is for the amount of coverage that you want to buy.
If you are young, healthy and a non smoker, then the standard rate tables are the cheapest rates. The non-standard whole life insurance rates are for those who are older and have medical conditions. The rates in the non standard tables can be much higher. The best way to get the best whole life insurance rates is to buy your policy when you are young. You should also be a non smoker.
When applying for whole life insurance you will be required to take a medical exam in which they will check for blood pressure and cholesterol levels as well as to determine if you have any other health related diseases or risks such as diabetes or heart disease. Keep in mind that the different companies may offer whole life insurance rates that can vary by hundreds of dollars so it will definitely pay to compare rate quotes from the different companies.
When trying to determine the amount of whole life insurance coverage you need, keep in mind that you will want enough to cover funeral and burial expenses, outstanding debts and any left over expenses that your family would burdened with. Many people choose to buy enough whole life insurance to pay off their mortgage in the event of their death. You will also want to have enough left over to help keep your family in the lifestyle they are accustomed to as well. A whole life insurance policy can also be used to pay for a child’s college education.