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We Shop ALL Reputable Whole Life Insurance Companies For You!
What is Whole Life Insurance? Whole Life is frequently referred to as "permanent" insurance because unlike term policies, it remains in force for life (guaranteed premiums till age 100), as long as the premiums are paid as scheduled. Advantages of Whole Life Insurance No Cancellations or Benefit Reductions. Just pay your premiums on time and the insurance company cannot cancel your insurance coverage under any circumstances. Whole Life insurance offers guaranteed premiums that will not increase or decrease. Guaranteed death benefit plus the guarantee of building cash value within your life insurance policy. They will never reduce your benefits due to your age or any health issues that arise. Tax-Free Benefits. Your beneficiary will receive all benefits from your insurance policy free from federal income tax. Get the dividend performance based on the carrier's mortality claims, sales performance, and investment performance on the general account. Without whole life Insurance, your loved ones could be facing bills they simply cannot afford to pay. When it comes to finding the right coverage, we're here to help make it easy. As long as premiums are paid on time, policies guarantee cash benefits between $2,000-$50,000. There Are 4 Different Ways Whole Life Insurance Policies Are Underwritten: 1. Full Underwriting / (Fully Underwritten, With Exam and No Waiting Period) A medical assistant comes out to your home or office, takes blood/urine and possibly an EKG, and will ask you questions about your medical history. This is the most cost effective if you qualify. It could also cost you more as opposed to not going through the exam because they uncovered more about you. This normally takes 1-3 months. 2. Simplified Underwriting (No Waiting Period, No Exam) No medical exam required, just an application and some companies do a 10 minute phone interview. You can have minor health conditions, but no major health conditions. Policies are generally issued within 1-4 weeks. 3. Simplified Underwriting (Graded Policy) No medical exam required. The policy is graded, meaning the death benefit is partially payable the first and second year. For an example, if someone was issued a graded life insurance policy and passed away the first year, most companies will pay out 20% or give you back your premiums plus 5-20%. If someone passed away the 2nd year, the policy would pay out around 70% or give you back all your premiums plus 5-20%, depending on the company. The full death benefit is paid the 3rd year on. 4. Simplified Underwriting (Guaranteed Issue Policy) The only difference between these types of policies and #3 is: They are issued immediately as long as you are not in a nursing home or terminally ill and the premiums are a little more. No exam required and the easiest to be approved for. This type of policy is commonly advertised on television and should only be used when someone cannot qualify for the other types of policies. The policy is graded, meaning the death benefit is partially payable the first and second year. For an example, if someone was issued a graded life insurance policy and passed away the first year, most companies will pay out 20% or give you back your premiums plus 5-20%. If someone passed away the 2nd year, the policy would pay out around 70% or give you back all your premium plus 5-20%, depending on the company. The full death benefit is paid the 3rd year on. |
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