When you’re exploring life insurance plans, you’ll find that your two primary options are term life insurance and whole life insurance.
Term life insurance is typically the more affordable option, making it a popular default choice for some families. It’s important to note, however, that there are some very compelling reasons to choose whole life insurance instead.
Whole life insurance, as the name suggests, is good for the policyholder’s whole life. As long as the premiums are paid, this policy will stay active until the policyholder’s death, at which time it will pay out the specified benefit to the named beneficiary. Though the rates for whole life insurance are often higher than those for term life, the amount that you lock in initially is good for the entire life of the plan. You can budget easily with no concerns about fluctuations in the future.
As you explore the benefits of whole life insurance through Health IQ, you’ll also find that the perks of this type of plan go beyond the traditional coverage associated with a life insurance policy. You also get access to cash value that increases over the life of the policy. This is something no term life insurance policy can offer. You can convert this cash value into an annuity or use it in a variety of other ways.
To learn more about the compelling reasons to choose a whole life insurance policy, brush up on your core facts and take the quiz below. You may discover that this is the right pick for you.