Whole Life Insurance Tips

Here are a few whole life insurance tips to use as you conduct your own research and shop around before you make a commitment.

What Is Whole Life Insurance?

Before you start gathering whole life insurance quotes, it is important to know a little about what whole life insurance is. Whole life insurance is almost the same as term insurance with two main differences: it is much less likely to expire, and it builds cash value. Technically, whole life does run out, but in most cases it is somewhere around the age of 100.

If you’re lucky enough to live to that age, you will, in most cases, get back all the money you paid into the policy. As for the cash value portion of your insurance, it is kind of like a savings account in the sense that you have the ability to withdraw or take loans out on it.

The downfall to utilizing your cash value is that it may take away from the amount paid out in the event of your death. Also, your premiums are going to be more, but they are guaranteed. For more whole life insurance tips, consider talking to an insurance expert or a financial adviser.



Gathering Personal Information

Before start looking for whole life insurance quotes, you should know what information you are going to need. If you are using the internet, there are so many companies available that offer quotes for free that it is really unnecessary to pay for quotes. If you only get free quotes, it will help to protect you from scams.

Don’t give out your credit card number or anything too personal such as your social security number. Companies only need the most basic information in order to give you a quote. For instance, they will want to know your age, if you are a smoker, your gender, they may inquire about your job, and other lifestyle choices. Anything more than that, and you may want to just move on down the line.


Utilizing the Internet

The internet is a very useful tool when researching any topic. On the internet you have access to just about any company out there and the ability to get quotes instantly. There are sites that allow you to input information and receive quotes from multiple companies, or you can go to each site individually. However, when using the internet to get quotes for whole life insurance policies, you may not always get immediate results.

Occasionally, you will be required to fill out a short form in order for an insurance agent in your area to contact you. This is because life insurance is a fairly complicated process which requires lots of different information to generate an accurate quote. Another benefit of using the internet is that surfing the web will provide a number of whole life insurance tips and offer insight into which companies are worthy of contacting.


Types of Insurance Agents

If you choose to go the more traditional route in obtaining life insurance, you should know that there are two different types of insurance agents: captive and independent. A captive agent works for a specific company, which means that they are limited in what they have available to you. If you go to a captive agent, they will only be able to offer you insurance from the company that they work for.

Independent agents on the other hand, work for themselves not a specific company. They have access to multiple companies and can offer you insurance quotes from any company they are appointed, meaning you could save yourself some time as well as money.

These whole life insurance tips will help you find the right insurance policy. Of course, you should keep in mind that whole life is not your only option. Take time to evaluate various types of insurance and the pros and cons of each. If necessary, seek out the advice of a professional so that you can be confident in your decision.

This guest article is from Payton Price, who writes about whole life insurance tips for TermLifeInsurance.org.