Whole Life Insurance Q & A

By Compuquotes Team on May 5th, 2008

Many people still have trouble understanding whole life insurance. In an effort to assist further comprehension on this important matter we will look at a few of the most frequently asked questions that people have and answer them. Usually this type of clear cut Q & A method can eliminate concerns and problematic quandaries. Are you ready to discover new factors and aspects of whole life insurance? Great! Let's begin our in depth look into whole life insurance.

Q. What is the difference between term life insurance and whole life insurance?

A. Whole life insurance is an insurance policy that will last through to the end of your life. Term life insurance is a set policy with lower premiums that also pays a bonus amount if the insured dies within the term listed.

Q. Is whole life insurance really going to be there until the end of my life?

A. Yes, as long as you keep making your payments on time and continue the policy requirements.

Q. Is whole life more expensive than other insurances?

A. On the average, yes. The premiums (monthly payments) are higher but you are getting a more extensive coverage.

Q. Is there a physical with whole life insurance?

A. Generally the answer is yes but not always. Often times, insurance companies will require a physical to make sure that a person is in good health and will mostly likely live a long full life. No one can predict an accident that will result in death. A physical is the only way that a company can judge whether or not you will pay into the policy long enough to make it worth their while to pay out upon your death.

Q. I need money now- can I borrow a loan against my whole life policy?

A. Yes. There are ways to draw cash from your insurance plan.

Q. Does my premium increase with age?

A. Not typically. All specifications are made when the whole life insurance plan is agreed upon by you and the insurance company.

Q. Can I increase coverage by having more than one policy?

A. Yes. Many people choose to add to their policies as their circumstances change.

So, there you have it. The most frequently asked questions about whole life insurance. This is designed to help every person seeking answers to become more educated to the facts at hand. It is also very important to remember that these are general questions and each insurance company differs in their requirements and guarantees.

Now that you have a clear idea as to what whole life insurance has to offer, you are able to make a decision based upon your needs the affordability factor is all that remains. There are many plans to choose from that can fit your budget and protect your family in all areas that you require it to. Make sure to go through all of the elements in the policy to ensure complete satisfaction. Everyone should have life insurance of some kind and whole life insurance covers you until the very end.

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