What is whole life coverage?

Question

What is whole life coverage?

Answer 1

You have to pay into the policy for life. Alot of the over 50's policies are whole life.

Whole Life Insurance  

Whole of Life Insurance Advice

Whole of Life Insurance

Whole of Life Insurance cover is for the whole of your life. Unlike term insurance, which only pays out if you die during the policy term.

Whole of Life insurance always pays out, it is guaranteed that the policy will pay out upon your death.

Whole Life Insurance Pros and Cons

Pros

Whole of Life insurance always pays out in the end, so you'll always get some money.

It could be worth thinking about if you want to leave your family with a lump sum.

You can combine it with term insurance if you want to cover any specific debts.



Whole of life insurance is more expensive than term insurance

Answer 2

what is says lol!!! it covers you for life!

Answer 3

Whole life is a type of policy that was originally designed for the cash value to equal the face amount at a pre-determined age, like 95 or 100.  At the age of maturity, as its referred to, the insurance company writes a check to the owner for the cash value.  The financial media tends to use the term broadly referring to any permanent life policy (including universal life, variable life, etc.).  

While these plans were traditionally designed to last for your "whole life", you may have the option of choosing a shorter design depending on your contract (or possibly extending coverage beyond traditional maturity).  Also, just because a plan is designed a certain way to begin with doesn't mean it won't change over time.  Many of these plans could change dividends, interest rates, or mortality charges.  It's wise to review your plan periodically to make sure it still fits your goals.

Answer 4

whole life is a joke a ripp off the insurance companys way of stealing your time use of money...if u die u will get face amount or the cash value of the policy but NOT BOTH READ THE FINE PRINT IT IS A SCAM FRON THE WORDD GO RUN AWAY AS FAST AS U CAN

Answer 5

coverage for your whole life..not to be confused with half life coverage that only covers half your life.