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whole-life insurance
Premiums stays the same for the life of the policy and never expires
What is whole-life insurance
Whole-life insurance is a type of policy that remains in force for the entire lifetime of the owner. The monthly premiums also remain level for the policy's duration no matter the owner's health.
The policy also builds what is known as a "Cash Value" account, a portion of your monthly premiums is moved to an account.
Single-Premium Whole Life Insurance
Single-Premium Whole Life is an insurance policy that is paid up completely in one lump sum. Cash value would also grow faster if a portion of the one payment does revert to your cash-value account.
Limited Pay Whole Life Insurance
Limited pay insurance is a policy where individuals can choose how long they would like to pay premiums on a policy. Premiums can be paid for 10, 15, or 20 years and when the premiums are paid in full, the policy will still be active and remain active for the individual's entire lifetime.
Indexed Universal Whole Life Insurance
Indexed Universal Life is a permanent life insurance policy that can death benefits and adjusts monthly payments to a certain degree. This allows the policy to change affordability given life situations, this policy also builds a "Cash Value" account that pays interest to you based on the movements of the stock market.
Guaranteed issued whole life insurance
Guaranteed issued whole Life is a policy designed that anyone with any health conditions can be accepted for life insurance. No health questions are typically asked and no medical exam is needed to qualify for coverage.
Modified Whole Life insurance
A modified whole life insurance policy allows people with certain health concerns to still qualify for life insurance. Depending on the policy can start with a less amount of premium then increase as the policy goes along.
other policies
Simplified issued whole Life insurance
- Simplified issued whole life is an insurance policy that requires a minimum of health questions to qualify for coverage. Depending on the policy coverage can be approved the same day without a medical exam.
Joint Whole Life Insurance
- Joint Whole Life or First-to-Die insurance is a policy that covers two people under one policy at one price. The death benefit is paid out when one individual dies from the policy and the other individual would receive the death benefit.
Survivorship Whole Life insurance
- Survivorship or Second-to-Die insurance is a policy that covers two people under one paly but the death benefit isn't paid out until both policies pass away.
Final Expense Whole-life Insurance
Final Expense or burial insurance is a polciy designed for just burial cost such as cremation or an traditional memorial service. The policy stays leveled throughout despite any health changes and also builds a "Cash value" account.