News 2933 Whole Life Insurance Permanent Life

Why would you choose whole life insurance over term life insurance? Whole life isn't for everyone, however it has it good points. One of those is the very essence of the product. It is permanent. No matter how old you are, what kind of health you are in or what the market is doing, a whole or universal life policy's rates will never change. Even if term life rates skyrocket, your permanent life premiums will remain stable. Another benefit to whole or universal life is that you can use it as a retirement savings tool. You can choose to borrow against it tax-free or use the dividends to pay your premiums. These policies are not for young families, however because you will most likely outlive your policy. By that time, the rates on a new policy will have increased significantly. Permanent polices can be extremely complicated so unless you, yourself are a life insurance agent, the smart move would be to speak with several independent agents who offer a variety of permanent life insurance products.

Read more: �Whole life' insurance still has usefulness CONSUMER TIPS (Times Leader) With term life insurance rates so cheap, why would anyone want to buy a permanent policy? After all, premiums can be four, five or 10 times higher than with term insurance and comparing permanent plans isn't easy.