by Animesh p
Published Thu, Mar 23rd 2017, 15:58 | Other
Whole life insurance policies have been in the market for almost one hundred years. The life insurance agents like to recommend their customers this policy. It is because this has benefits to the buyers, and is very popular in the market. Here are the few benefits that made this policy so saleable.
It provides protection to the policy holder
As long as the policy holder is alive and he pays his premiums on time the policy provides the buyer the stated coverage. The amount covered is decided by the buyer, and the premium is calculated by the age of the buyer.
Guaranteed death benefit
Whole life insurance provides the buyer with a guaranteed death benefit; this is effective immediately after the life insurance company receives the first premium paid by the buyer. The life insurance company will issue a cover note or temporary receipt to the policy holder when they receive his first premium as a token of confirmation. This is very important because the very exact time this cover note is issued the policy holder is insured, should anything happen to him after this stated time he will receive compensation from the insurance company. After a few days the life insurance company will issue another receipt to the buyer, this time it is a certificate called policy. Each premium paid by the buyer will receive an official receipt, and after some premiums paid the insurance company will issue a statement to the policy holder so that the buyer can see how much cash value his policy carries.
Cash value
One of the benefits of whole life insurance is that it provides cash value for the policy holder, this benefit makes this policy so popular, because people buy life insurance for protection, on top of this they can have savings. They can borrow money from this cash value during a time in need.
Fixed premium
After the buyer buys the policy, the stated premium can never be increased if the buyer gets old, even if he has health problems.
Increasable coverage
The coverage of this policy can be increased in the future. For example if the insured has a coverage of fifty thousand he may obtain a higher coverage, may be a few thousand more. This will be adjusted by the insurance company.
Policy cannot be cancelled
Once the buyer buys the whole life insurance premium, his policy cannot be cancelled. The insurance company will pay the beneficiary compensation or proceeds if the insured died at any cause, whether illness or accident. In fact there are more benefits. If you want to know more about whole life insurance, the life insurance agents and companies would like to provide you free quote, the steps are simple, please find out more.
Source:- http://bit.ly/2nKQgh4