Purchasing Whole Life Insurance--Nobody is Too Young

By Tes Kurtz on December 11th, 2009

Are you too young to purchase life insurance? The answer is no.

The purpose of life insurance is to replace lost income in the event of death. When you are relatively young or just beginning a family, insuring against death may not seem necessary. Although you may not yet think life insurance is necessary, whole life can also provide a valuable opportunity to accumulate cash value. Not only will you be able to protect your family, or future family, financially, but you can also use the cash value for other purposes. The cash value, or savings portion of your whole life insurance policy, can be used for nearly any purpose, including future tuition bills, supplemental retirement income, and other costs.

In fact, the younger you are the more affordable it is to purchase whole life insurance. As you grow older it becomes riskier for life insurance companies to insure you. Therefore, purchasing whole life insurance at a younger age is more likely to result in cheaper premiums.

Insuring Your Dependents

Infants, children, and young adults should not be overlooked when it comes to whole life insurance. Not only are whole life insurance premiums for your children or grandchildren low, but whole life insurance policies can also be a valuable investment for them. Additionally, whole life insurance can provide you with funds to cover funeral expenses

Whole Life Insurance--An Investment

The benefits of whole life insurance go beyond the amount of money beneficiaries receive upon the death of a policyholder. Rather, whole life insurance can be an investment.

Many whole life insurance policies, begin building cash value at the end of the third year. Whole life insurance can be an investment opportunity that can benefit your child or grandchild later in life.

If properly structured a whole life insurance can provide:

  • Educational expenses, such as college tuition
  • A down payment for a home
  • Funds for a business opportunity
  • Tax-deferred accumulation of cash value
  • Tax-free access to the cash value by way of loans or withdrawals

A Strong Foundation For a Lifetime of Financial Security

Whole life insurance is permanent. Whole life is an excellent choice to ensure that you and your family are insured for an entire lifetime.

Typically whole life insurance benefits cannot be reduced or cancelled as long as premiums are paid in a timely manner. Whether your children or grandchildren grow older or experience unexpected health issues, they should always be covered by their whole life insurance policy.

Life insurance is a hard topic to face, especially when considering the reasons to insure yourself or your family. Before thinking about a whole life insurance policy for your child or grandchild, it is important to consider some type of life insurance policy for yourself. Visit compuquotes.com to compare quotes, for you or your dependents, from multiple insurance companies to choose the best policy for you and your family.

Source :
Children's Whole Life Insurance: Financial Benefits • http://www.onedollarglobeinsurance.com/ • http://www.onedollarglobeinsurance.com/article/Children%27s-Whole-Life-Insurance:-Financial-Benefits
Contribute to Your Life - The goal of financial security starts by protecting yourself now • http://www.newyorklife.com/http://www.newyorklife.com/nyl/v/index.jsp?contentId=17092&vgnextoid=56f5dcec569d2210a2b3019d221024301cacRCRD

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