Whole Life Rocks

Whole life insurance can be important for people wishing to provide for family members or loved ones in the event of their demise, whether eventual or untimely.

Whole life insurance pays out a sum of money to those designated as beneficiaries by the insurance policy holder in the event of the death of the insured. Funds should be sufficient to support a family for a period of time in the event of unexpected death, and to cover the costs of funeral and burial services.

As this policy is in force for the holder’s entire life, the payment of premiums is generally required every year, or on some kind of regular basis. However, certain arrangements are possible that allow the policy to be paid up, with no further payments required, in as few as five years, or with one large lump premium payment. Rates are determined by the age and health of the individual, with the lowest rates going to fit, young and single individuals. While these policies may be purchased at any age and stage of health, willing providers and favorable terms become more and more difficult to find in the event of a serious diagnosed illness or advancing age.