What Is a Whole Life Insurance Quote?
A whole life insurance quote is a price estimate for insurance that both covers the insured for life and is also combined with an investment fund. Unlike term life insurance, the premium for whole life insurance stays the same throughout the life of the policy. Some of every payment the insured party makes will go toward the death benefit, but a portion also goes toward a cash value account.
A whole life insurance quote is a price estimate for insurance that both covers the insured for life and is also combined with an investment fund. Unlike term life insurance, the premium for whole life insurance stays the same throughout the life of the policy. Some of every payment the insured party makes will go toward the death benefit, but a portion also goes toward a cash value account. Obtaining a whole life insurance quote is beneficial for people who have trouble saving using traditional methods. The insured does not have to pay taxes on money that accumulates in his fund until he withdraws it, and the cash value can be borrowed against as well. As most people immediately notice upon receiving the life insurance quote, however, the cost of a premium for this type is typically much more than for term life insurance.
