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 Whole Life Insurance

Whole life insurance is a type of Insurance policy that covers your entire lifetime. This type of plan provides coverage for expenses that typically would be covered by long term care insurance, such as nursing homes and assisted living facilities. Whole life policies are similar to universal life policies in the way they combine a single premium with multiple cash values or investment options, but with whole life you will begin receiving benefits at retirement age instead of when you die.

The premiums on this product can be extremely expensive because it is not uncommon for them to pay out more than 100 times their initial premium over the course of your lifetime. It is also common for them to be offered at a low price for the first few years of the policy, but then sharply increase after ten or twenty years. In order to make sure you are getting the best whole life insurance policy possible, you will need to deal with a company that does not increase premiums as they mature, and also offers free cash value accumulation.

There are several different types of whole life plans that you can choose from:

· Level Premium- With this type the premium remains constant throughout your lifetime. These policies are generally sold with lower premiums than other options in order to secure sales.

· Decreasing Premium- With this type of policy your premium is reduced each year by a predetermined amount. It is similar to level premiums, except that your premiums are decreasing instead of constant.

· Increasing Premium- With this type your premium increases each year by a predetermined amount.

· Single Premium- With this type your premium will be the same each month for the rest of your life. The policy owner chooses a lower initial monthly payment in exchange for having to pay one large annual payment.

· Convertible- This type allows policyholders to pay lower premiums during their working years and then upgrade to higher payments when they retire or fall ill. It gives you an option to convert from level or decreasing payments into single premium payments while you are still healthy.

This type of policy can be very beneficial for some people, as it is a way to secure an affordable life insurance plan that will help you to pay for the costs of an extended health care coverage. It can also be used to supplement any other other form of insurance coverage you might have or a pension. If your premium is going to increase, however, I would suggest looking at the other types of whole life insurance instead.

Whole Life Insurance Coverage Examples

· The policy holder is age 65 and will receive $10,000 annually for the rest of his life.

· The policy holder is age 55 and will receive $5,000 annually for the rest of his life.

· The policy holder is age 55 and will receive $5,000 annually for the rest of his life.

· The policy holder is age 65 and will receive $40,000 for a nursing home.

· The policy holder is age 50 and will receive $100,000 upon retirement. This could be used to purchase a lifetime annuity that pays out the same amount each year until death.

Whole life insurance can be customized to fit your specific needs and budget. With all of the different types you should be able to find one that works with your situation. If you have any questions or concerns about whole life insurance give us a call and we will do our best to get them answered for you.

Whole Life Insurance Quote Online: http://www.gocoverplus.com/whole-life-insurance.html

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Title: How Much Life Insurance Do You Need?

 ARTICLE BEGINS HERE 

How Much Life insurance Do You Need? Well, there are few variables that make up this equation, so it's hard to say exactly what amount is right for you. There are a few common factors, though, that can help you get a rough estimate.

In this article, we're going to look at how much life insurance you need in order to protect your family against the 3 biggest risks:

1.) The risk of early death before your retirement funds have been depleted.

2.) The risk of living for an extended period of time after retirement and being unable to support yourself financially.

3.) Protecting the lifestyle that your family has become accustomed to after you pass away.

In our opinion, the minimum amount of life insurance you should have is between $500,000 and $1 million. If you have less than this, we would recommend starting with a smaller amount and then increasing it as needed over time.

There are a few factors that can affect how much insurance you need. They include:

· The amount of assets you have in your estate (your net worth)

· The age at which you plan on retiring

· Whether or not you already have retirement income (Social Security or a pension)

· The complexity of your financial situation (i.e. do you own your home, etc.)

· The amount of risk that you are willing to take on (this is related to your attitude towards the stock market)

· Your budget for life insurance (how much do you want to spend each year)

If you don't have a clear picture of how much insurance you need, don't worry. We're going to break down exactly where to start and how much coverage you can get. If we had a crystal ball, we would tell you exactly how much life insurance will be appropriate for each person. Unfortunately, life is unpredictable and it's only after the fact that we can make an educated guess as to what was appropriate and what wasn't.

How Much Life Insurance Do You Need?

First of all, we need to define what insurance we're talking about. When most people think of life insurance, they think of the traditional type that protects your family after you die. However, that is only part of the picture. There are two major kinds of life insurance policies:

· Term Life Insurance

· Whole Life Life Insurance

A term life insurance policy is a form of fixed-term, fixed-premium coverage that provides a death benefit and/or cash value in exchange for a premium payment over time. It usually has a term length (usually 10, 15 or 20 years) and maturity date (the date when the policy expires).

Conclusion: Term life insurance is a lot simpler. The premiums are usually much lower and you don't have to worry about what your policy will be worth in the future.

Where term life insurance ends, whole life insurance begins. A whole life insurance policy is completely different. It is an investment vehicle that provides a death benefit, cash value and tax advantages in exchange for a regular premium payment over time. It guarantees that you will receive a death benefit (usually $1 million) and the amount of premiums you pay will determine how much money it's worth at any given point in time. The more you pay in premiums, the more it's worth at maturity.