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Whole Life Insurance

 

Establishes Cash Value
Whole life insurance covers you for as long as you live and your premiums are paid. 

There are two major types of whole life insurance policies
Non Participating Policies

All values related to the policy (death benefits, cash surrender values, premiums) are determined at policy issue, for the life of the contract, and cannot be altered after issue.

This means that the insurance company assumes all risk of future performance versus the actuaries' estimates. If future claims are underestimated, the insurance company makes up the difference through its reserves.

Participating Policies

With a participating policy, the insurance company shares the excess profits (dividends) with the policyholder. The greater the success of the company's performance, the greater the dividend.

Limited payment whole life insurance contracts emphasize savings more than straight life insurance contracts. They make it possible for the insured to stop paying premiums at a certain period without any reduction in the face amount of the limited payment whole life insurance contract.

You generally pay the same amount in premiums for as long as you live. When you first take out the policy, premiums can be several times higher than you would pay initially for the same amount of term insurance. But, they are smaller than the premiums you would eventually pay if you were to keep renewing a term policy until your later years.

"Straight life", "ordinary life", and "continuous premium life" are terms used synonymously with the first type of whole life insurance contracts. The second type of  contracts are termed "limited payment " contracts. Both promise to pay the face death benefit amount upon death. The major difference between these two types of contracts is the premium payment period.

Some whole life insurance policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.

Cash Values
If you stop paying premiums on your policy you can take the cash - or you can use the cash value to buy continuing insurance protection for a limited time or a reduced amount. (Some term policies that provide coverage for a long period also have cash value.)

You may borrow against the cash value of your policy.  This may be achieved by taking a policy loan. Any loan and interest on the loan that you do not pay back will be deducted from your benefits if you die, or from the cash value if you stop paying premiums.

Cash values are considered liquid. The cash value in the policy can  to be used for investment capital, but only if the owner has the capacity to continue making premium payments. Cash value access is tax free to the point of total premiums paid, and the remainder may be accessed tax free in the form of policy loans. If the policy lapses, taxes would be due on outstanding loans.

The policy guarantees a death benefit and guarantees a cash values. It establishes a known, fixed annual premiums. The premiums in this type of policy are not flexibility.
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Lewis Fink is licensed as a term life agent offering term life quotes in the following states: Term life quotes for: Alabama - AL,  Arkansas - AR,  California - CA,  Colorado - CO,  Connecticut - CT,  Delaware - DE,  District of Columbia - DC,  Florida - FL, Georgia - GA,  Idaho - ID,  Illinois - IL,  Indiana - IN,  Iowa - IA,  Kansas - KS,  Kentucky - KY,  Term quotes for: Louisiana - LA,  Maine - ME,  Maryland - MD,  Massachusetts - MA,  Michigan - MI,  Mississippi - MS,  Missouri - MO,  Montana - MT,  Nebraska - NE,  New Mexico - NM, New Jersey - NJ,  New York - NY,  North Carolina - NC, Term quotes for: North Dakota - ND,  Ohio - OH,  Oklahoma - OK,  Pennsylvania - PA, Rhode Island - RI,  South Carolina - SC,  South Dakota - SD,  Tennessee - TN,  Term quotes for: Texas - TX,  Utah - UT,  Vermont - VT,  Virginia - VA, and Wisconsin - WI.  

We offer term quotes for 5, 10, 15, 20, 25, and 30 year term periods. Our universal life products can be quoted to cover a term of up to age 120. Not all term product quotes from all term companies quoted are available in all states.


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