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Learning About Car Insurance

Hello, my name is Cliff Bolton. Welcome to my site about vehicle insurance. I wanted to learn all I could about insurance before I started driving to go into the decision-making process with ease. Once I started exploring the insurance industry, however, I could not stop reading. I learned all I needed to know to obtain car insurance and much, much more. I created this site to share this knowledge with my readers. I hope to help others tackle this important decision without worry. Please feel free to drop by daily to learn new information about this important topic. Thank you for visiting my site.


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Learning About Car Insurance

The Benefits Of Choosing Whole Life Over Term Life Insurance

by June Peterson

The two main types of life insurance are whole life and term life insurance. While there are pros and cons associated with each of these options, the fact is that whole life insurance is often the better choice. This is because whole life insurance offers a variety of benefits that term life policies do not. Taking the time to review some of the benefits outlined below can help you to better understand why choosing a whole life policy may be in your best interest.

Whole Life Policies Build Cash Value

Many people think of life insurance as a policy that only provides a benefit once they are dead. However, whole life insurance policies also provide benefits while a person is still alive. This is because whole life insurance benefits build cash value that the policy owner can borrow against if necessary. These policies also pay cash dividends that can be used to cover all or part of the monthly premium for the policy. 

Whole Life Policies Guarantee A Death Benefit

A term life insurance policy only pays out a death benefit if you die during the term that the policy covers. This means that you could end up paying on the policy for ten or even fifteen years without any benefit ever being paid. This is not the case with whole life insurance policies since these policies last for as long as you live, assuming you continue to pay your premiums. This means that you are guaranteed to see a benefit from the investment that you have made in your life insurance policy. 

Whole Life Policies Do Not Need To Be Renewed

When a term life policy expires, you will need to purchase a new policy if you wish to continue having coverage. This means being exposed to a new set of medical questions and potentially needing to get a medical exam. While this will not be a problem if you are in perfect health at the time, there is no guarantee when it comes to your future health. Consequently, you could find yourself being turned down for future coverage if you develop a serious medical condition before needing to renew your term life policy. This is not an issue when choosing a whole life policy over term life insurance since whole life policies never need to be renewed and will therefore remain in effect regardless of any changes to your health. 

Contact an insurance agent for more information about life insurance