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Whole Life Insurance

Whole life insurance is a type of permanent life insurance. Permanent life insurance provides protection throughout the insured's lifetime, as long as the premiums are paid and the policy is in force. In addition, a permanent life insurance policy provides a forced savings element that builds cash value over a long period of time. Permanent life insurance is best for individuals who have financial needs that will not diminish over time, such as estate settlement costs and taxes. There are two main types of permanent life insurance; universal life insurance and whole life insurance. Each type of policy has different features.

Whole Life Insurance Quotes

A whole life insurance policy works like this. Whole Life insurance offers level premiums throughout the life of the insured and an accumulation of cash value. In addition to providing life insurance coverage for your entire lifetime, the guaranteed cash values can be withdrawn through surrenders or policy loans and used to pay for temporary expenses or emergencies. 

Here are some of the features of a whole life insurance policy:

• Level premiums - Guaranteed rates will remain the same throughout the life of the insured.
• Coverage for life - The whole life insurance protection never ends as long as the premiums are paid and the policy remains in force.
• Pays dividends or "excess interest" - When the life insurance company makes money, you make money. This can enhance the value of the whole life insurance policy over time.
• Guaranteed cash value - You can borrow against your policy at a pre-determined rate. Upon surrender, the cash value will be available to you.
• Cash value grows on a tax-deferred basis - The cash value of a whole life insurance policy grows on a tax-deferred basis under current federal income tax law.
• Guaranteed death benefit - It's not "if" your beneficiaries will receive the death benefit, it's when.  

Whole Life insurance is usually appropriate for individuals with long-term financial goals. Contact AccuQuote for current whole life insurance rates.