Among the various life insurance policies you can find at Insureist, Whole Life Insurance policies are the ones that best respond to the needs of most of our clients. This insurance offers complete economic coverage to the insured person's family or relatives in the event of death.
This type of policy has some advantages that make them one of the most popular insurance products marketed as Personal Insurance. As in the rest of Life Insurance, these policies indemnify the beneficiaries established in the policy with the insured capital, to compensate for the loss of the income obtained before the death of the insured.
The heirs can also use this money to cover the expenses involved in the transfer of assets and pay the insured’s debts. It is, without a doubt, the best life insurance policy.
Nonetheless, there is also term life insurance which also protects the family in the case of an undesired loss. Let’s check out the benefits of both term and whole life insurance programs for you to make an informed decision.
What makes whole life insurance so attractive?
The main characteristic of whole life insurance is that the death coverage does not have a defined term, since this policy covers the insured person’s death regardless of when it occurs.
No matter when it occurs, the insurer is obliged to pay the insured capital to the beneficiaries at the time of the loss. In addition, the insured capital can be paid in the form of an annuity or capital.
On the other hand, this type of life insurance offers several alternatives for the payment, which facilitates its contracting. Besides, many Whole Life Insurance policies allow the addition of guarantees that increase the protection of the insured in the event of a permanent and absolute disability.
Term life vs whole life insurance: what is better?
In traditional life insurance, the client can take out the policy for a specific period of time, i.e. it is not a permanent term but a specific period that can range from a few days, several years, or until the client reaches a certain age.
These periods are intended to cover specific needs such as, for example, going on a trip or to protect from an accident product of a risky activity or profession that will eventually end after a defined time.
As is evident, if the insured does not suffer any mishap during the agreed period, the insurer will not pay any type of indemnity. In any case, it is a very advantageous policy for young people, since it is usually cheap for this type of public.
In the case of whole life insurance, coverage is extended until the insured’s death, whenever it occurs and whatever the cause. This feature makes it a very attractive insurance product for those who want the financial protection offered to beneficiaries to be available at any time.
Regarding the premiums that can be chosen by the insured in this type, they are as follows:
- Life premium: the payment of which is made until the time of death.
- Temporary premium: payment is made for a specific period of time, such as twenty or thirty years. However, the insurance coverage would be available until death.
As we can see, there are several things to consider when taking out a whole life insurance policy. In addition to the advantages of this type of policy, we can generally include additional guarantees to the life policy that increase the policy’s coverage, as appropriate.
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