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Additional Details
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Additional Details
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curious_m | What is a whole life insurance policy and how it is works? |
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Doing the Right Thing
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Whole life insurance is a life policy that includes a cash value with it. You are protected for your entire life until age 100. Whole life policies are more expensive than term insurance because of the cash value.
What is cash value? It is a savings vehicle attached to the life insurance contract. Cash value usually begins to grow after 2 or 3 years after purchasing it and it continues to grow for the life of the contract. Rate of return of cash value is usually between 1% to 3%. If you missed any due premiums, the insurance company will use the cash value to pay it. When cash value hits zero, you will no longer be covered and will have to pay all the overdue premiums if you wish to keep the policy enforced.
How to access cash value? You can borrow it and pay it back with 6% to 8% interest. Please note, interest does not go into the cash value, it is kept by the company. If you wish to withdraw all the cash value, you will have to surrender the policy and surrender charges may apply.
What is the death benefit? Upon your death, the beneficiary will receive the face amount MINUS any loans you have taken out from cash value MINUS any overdue premiums. All cash value will be kept by the insurance company.
As you can see, this product is not good and why life insurance agents sell this is because they generally get paid 55% commissions on it.
If I were you, I would buy term and invest the difference.
You do not need life insurance forever. Why? As you get older, you will have less financial obligations to pay, your kids will be all grown up, and you better have money saved for retirement. |
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mom of 2
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a whole life insurance policy is basically a bad investment. Always go for Term Life Insurance instead.The best Life Insurance companies don't push Whole Life. If you are interested in the cash value when the whole life policy runs out then you should compare investing in mutual funds and you will see that whole life is a rip off. |
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kalbo
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whole life=builds cash value; it stops when you turn 100 years old and then insurance must pay you even if you are still alive; Whole life builds cash value, term does not. you can use the "cash Value" as a collateral to get a loan from your insurance company; monthly payment is higher than a universal life and term life; think about whole life as "buying a house" and term life insurance as "renting an apartment." when you buy a house, at the end you have an equity, when you rent an apartment, at the end you get no equity. |
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insuranceguytx
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Curious, Speak with a licensed insurance agent in your state. You really won't find the best answers to YOUR PERSONAL FINANCIAL SITUATION on a message board. If you are not comfortable with the financial advice you receive from the person giving the advice, go see someone else.
The question YOU must answer in regards to life insurance is "Will I have enough money so that when I am gone my loved ones won't be burdened with any of my debts - credit cards, mortgages, paying for kids education, medical bills and funeral expenses?" If you have enough money, you don't need insurance - but it is rare for someone to have enough money.
Talk to a professional.
Justasinner - you should get a lawyer and Sue American General if you feel that company has wronged you. Or take it up with the state insurance commissioner. Read your insurance CONTRACT first. |
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Doc. justasinner111
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Don't buy from American General Life, they owe me for 42 years of payments. Scam |
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Fudgemicon
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A whole life insurance policy in it's most basic form is an agreement between you and the seller of the insurance policy. You pay monthly or yearly premiums and upon your death, an agreed amount (the insured amount) is paid to your beneficiary. How does it work? In statistics, there is a law of large numbers. You cannot easily predict how long one person will live, but if you have a group of 10,000 people or more, you have a good idea of how many people die each year and on average, how long people live. Using this knowledge, Actuaries are able to determine what price to set the premium at for each $1,000 of insurance (or any other unit). So if they expect someone to die at age 75, are going to insure them for $100,000 and payments are made each year beginning at age 25, then there is 50 years to gather 100,000 dollars. By selling many policies (say 1000) to 25 year olds, then there will be enough money collected in premiums to pay those who die before age 75 (an expected few unlucky ones) and there will be enough to pay the others who die at later ages.
It can become more complex than this. Term insurance doesn't have a guaranteed payment at death if you do not continue the policy and renew it each year. But if you quit a whole of life policy, then there is built up value in it that is given back to you as a surrender value. However, this value will usually be lower than what you paid in total premiums. Premiums for Term insurance are lower for this reason as there is no surrender value. There are also many more different types of life insurance apart from whole life and term life insurance. |
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anna_ruseva
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The whole life policies' level amount of coverage is till age 100;
Complimentary cash values and pure insurance protection and
Cash values equal the face amount at the maturity of the policies.
Variations of primiums: normal level primiums,reduced premiums during the innitial period and latest increases, or single primium... |
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ajazku
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I think whole life insurance policy is that policy in which the benifit will be paid to the benificairy, with the completion of the term of your policy. even the claim has not occured you will must to paid. |
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