Whole Life Insurance

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Most people feel that whole life insurance is expensive than term life and hence do not even take a look at it. However, whole life insurance is actually more attractively priced. Here are some reasons why.
The premium rates are guaranteed over the life of the insurance policy. That means, as you age, the whole life insurance rates never changes. You can expect to pay the same amount every year that is guaranteed to pay cash value upon the policy's maturity.
It also provides better health coverage compared to term life. Usually, your insurance rates will increase when you have contracted an illness or disease but for existing whole life insurance policy holders, the rates remain the same.
Even though term life rates may seem cheaper at the beginning especially when you are still young, they increase as you age. If you have contracted any illness when you age, then your insurance rates will increase even more.
For whole life, the rates remain the same throughout your policy. So, in the long run, you actually end up paying less for the policy.
Most whole life policies have a guaranteed cash return upon the policy being expired. Also, taxes are exempted so you do not need to pay taxes on your insurance policy.
When researching, don't be fooled by those cheap insurance premium rates. It is important to look at what are being covered particularly regarding health coverage as well as how much you can get back when the policy expires.
Some insurance companies also provide additional riders for other terminal illness and diseases. These will usually increase your premium rates.
Ultimately, make sure you do your research before buying.
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