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whole life insurance quotes
A life insurance policy that is maintained throughout the duration of a policyholder's whole life so long as the scheduled premium payments are maintained. As a member of the permanent life insurance policy group, whole life policies have the ability to build up cash value accounts. As long as the policyholder continues to maintain the scheduled premium payments whole life policies are generally guaranteed.
Advantages of a Whole Life:
- Interest accumulated through the investment portion of the policy is tax-free until withdrawn.
- Regardless of your age or level of health, the amount of life insurance premiums remain fixed.
- Whole Life Insurance be used to establish tax-deferred savings for future use. In this sense, it can be viewed as a source of retirement income.
- Helps to manage ongoing, future and uncertain family expenses in the case of a sudden death.
- Helps fulfill the financial obligations of the family/dependant in case of death of the person insured.
- Policyholder is able to borrow against the cash value.
The policy holder can cancel or surrender the whole life insurance policy at any time and receive the cash value. Below is one example of the cost of a whole life insurance policy. It represents a 32 year old male with a clean bill of health.
State Farm: death benefit - $250,000
Annual Premium: $3,102.50 annual non-tobacco rate.
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Compare permanent life insurance with TERM LIFE INSURANCE
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