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Why choose Whole Life Insurance?

By Compuquotes Team on March 26th, 2008

Imagine a couple in their early thirties, settled into their life, their marriage and their home. The couple decides that it is time to have children, and their family is officially started. Being good parents, these people want to take care of their children no matter what, so they take out a term life insurance policy for thirty years. Their children will be grown and gone before the policy expires, and their children are protected. Problem solved, and everything has a happy ending, right?

Flash forward thirty years, though, and we find the same couple as their policy expires. They are now in their sixties, and the threat of high medical costs and even death are beginning to threaten. The couple decides to renew their life insurance policies, only to find that at their current ages, rates are incredible for the same policy that has just expired! They may be forced to deal with the unfortunate truth of living out the rest of their lives without life insurance to cushion any financial burdens upon their deaths. This whole story could have turned out a lot happier with the simple substitution of buying a whole life insurance policy when they were younger.

Forewarned is forearmed, as the saying goes, and foresight can save you a great deal of trouble down the road. Whole life insurance policies truly do last for your entire lifetime, and the premiums remain the same as when you signed up. That means that the younger and healthier you are when you sign up for your whole life insurance policy, the cheaper the rates for your lifetime will be.

You might think that you don't need life insurance at age twenty or twenty five or even thirty, and that you will be wasting good money. The truth is that the life insurance companies will make up for lost time with higher and higher rates the older you get, and some companies might not even issue policies to people over a certain age threshold. And even if you don't expect to die anytime soon, accidents happen, and it is always good to protect your loved ones from a potentially crushing financial burden.

Locking in these rates now means that you might be paying the rates of a twenty-seven year old at the ripe old age of ninety-five. How's that for sticking it to the insurance companies? In addition, you can lock in a minimal policy now so that you are covered for the basics (the average cost of a funeral, say) and can add term life insurance on top of it to cover events like buying a car or raising your children. This will enable you to add to the benefits that will be received at those times. There is not a limit to the number of policies that you can take out, and splitting these policies up is a great way to get the best of both worlds. The best choices are the ones that protect your family, whatever may come.

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