Katrina

Dallas, TX

Good Question:

It is good that you understand the value of having a life insurance policy. And the fact that you’ve been asking around shows that you are a careful buyer.

Whole Life Insurance Policy is a type of policy that covers you for as long as you live. It is permanent as long as you keep paying the premium. Since it is a long term insurance, the premiums that you pay are fixed.

Unlike other life insurances, you get cash values with whole life insurance policy, which you can keep in case you surrender the policy before maturity. The cash value account works like a savings account. It lets you accumulate money over time and it also lets you take out loans. If at any time anything should happen to you that would cost you your life before you finish paying off the loan, the money that your beneficiaries will receive will be less than the cash amount that you have saved. For instance, you took out a $ 350,000 policy and over the years, you often borrowed from the cash money which amounted to $100,000, now in the event of your death, your family will only receive $200,000. This is because the policy will have to pay for the money that you borrowed over the years. To be sure, you can ask and clarify with your life insurance agent on how much your beneficiaries will receive upon your death.

I’m sure that you’ll find a life insurance agent who can give you a whole life insurance policy quote and offer the best suited Whole Life Insurance Policy for you. Good luck!

Barbara

Plano TX.

Barbara,

Yes, you can find affordable term life insurance online. The first thing that you need to do is comparision shopping. Looking online is the greatest way to do this. All you need to do is answer a few questions and with a click of the mouse you will have several quotes from reputable life insurance companies to choose from.

Most of life insurance policies offer a variety of options but term life insurance only offer  limited flexibility. Additionally, term life insurance does not make any cash value or any residual. After the expiry of term life insurance policy, there is no use of it, you just need to renew it or purchase a new one.

Once you found a quote you like then check out the financial stability of that company. You want to make sure tey are strong enough financially for you when you need them.

Thank you for asking a good question.