What Are The Benefits Of Whole Life Insurance?
Insurance carriers make two types of life insurance available to potential insureds: term and permanent insurance. Of course, each type of coverage comes with its own benefits and disadvantages. Permanent insurance protects an individual until the day they die, though, and is suitable for many individuals. Whole Life Insurance is a type of permanent coverage with many advantages. Insureds pay a fixed premium for the life of the policy.
From there, they gain a specified death benefit with the potential for growth. Carriers provide a guarantee on the growth of the policy and offer a cash value on it. Whole Life policies may outperform their initial projections, but that’s not guaranteed. At that point, insureds can add various riders and extra features to a given policy. Individuals with a steady income may find whole life the best insurance option to meet their needs.