Whole Life Insurance
- Weblife offers Whole Life Insurance, also known as Permanent Life insurance. Whole Life Insurance features level premiums and, quite often, Cash Value which starts to accumulate at varied times depending on the contract.
- The Cash Value can be borrowed against the death benefit of the contract and used for emergencies. The death benefit becomes the net borrowed cash value plus interest charges.
- Whole Life Insurance offers level coverage for a specific number of years, or until an attained age. For example, with a 20-year plan payments are paid for only 20 years after which the insured remains covered for the rest of his or her life. With the life-to-age-65 plan, for example, insureds stop making payments at age 65 and remain insured for life. The same pattern is in place for the whole life-to-age-75, or for the whole life plan in which the insured pays for his or her entire life.
- All Whole Life Insurance contracts are assumed to be paid off at the latest – age 100 whether the insured is dead or alive.
- Whole Life Insurance is usually recommended for those with long-range insurance and financial planning needs such as for estate planning.