Various Types of Whole Life Insurance Policies: Vans and Long-Term Care Insurance Deal

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Various Types of Whole Life Insurance Policies

Types of Whole Life Insurance Policies

Isn’t it annoying enough to have different types of insurance to understand? Then why are consumers presented with sub-types of insurance policies? Well, the answer is simple: There is a wide range of options available because insurance companies try to suffice all the unique requirements individuals have. These types of policies are indeed confusing at first but what you really have to know is just the basic.

So to guide you in selecting the right whole life insurance policy, we have prepared a list below that contains simple definitions of each sub-type. We hope that this would somehow lessen your uncertainties and help you in making the right decision.

Participating Whole Life

This type of whole life insurance policy pays you dividends. These dividends come from excess earnings on the investments that the company makes, as well as savings on expenses and mortality rates that favor the company. These dividends may be paid in a couple of different ways. They might be paid to you in cash, or they might be used for your premium payments. In addition, they might be left in order to accumulate, gaining interest as they go. In some cases, they may be used to increase the face value of the policy. Dividends aren’t guaranteed.

Non-Participating Whole Life

This type of whole life insurance policy has the same premium and the same face amount during the entire life of the policy. This locks in the cost of your life insurance policy, and has a relatively low premium. This type of policy will not pay any dividends.

In addition to being either non-participating or participating, your whole life insurance policy can vary in terms of how you pay for it.

Level Premium Whole Life

Some life insurance policies require you to make premium payments for your entire life. In the early days of the policy, the premium you pay will cover more than just the cost of your insurance protection. The extra goes toward the deficiency of premiums that will eventually occur as you grow older. The extra premiums create a cash value for the policy, and are held and invested.

Limited Pay Whole Life

This kind of whole life insurance policy will give you life insurance for your entire life, but only requires you to make payments for a specified amount of time. You can set a limited pay whole life policy for a number of years, such as 10 years. After those 10 years you can stop making payments but are still covered.

Single Premium Whole Life

This type of play is one where you make a single payment up front. The payment is large, and you never have to pay it again. It has an immediate cash value, and is in some ways more of an investment product than an insurance product.

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Various Types of Whole Life Insurance Policies
Various Types of Whole Life Insurance Policies

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