Continuous Premium Whole Life PolicyIf you’re interested in purchasing a whole life policy there are 3 very basic types. They are Straight Life, Limited Payment, and Single Premium. Don’t be confused by the names because they really only reflect how your premiums are paid to your insurer. The first type that we’ll go over here is the basic Straight Life policy or Continuous premium. So what are some of the advantages of whole life insurance? Find out more on the following page. Continuous Premium (Straight Life)Straight life is a policy that charges a level premium for your entire lifetime. As an example, let’s say that that you pay a level premium of $40.00 each month with a guaranteed death benefit. So you will continue to pay this until you cancel or pass away. During your lifetime your policy will build cash value which you can borrow from. Find out more about cash value life insurance, as well as some of the benefits of having it! Straight life policies have the lowest premiums compared to the other 2 (Limited Payment and Single Premium). This is because the premiums are spread out over your entire lifetime, so because of this they will be less expensive!
Return from Whole life policy to Permanent Life Insurance
|
