What Is A Whole Life Insurance Policy And How Final Expense Insurance Will Help You?

Whole life insurance policy is a life insurance policy which is also known by the names of Straight Life or Ordinary Life and is guaranteed to last for the insured’s lifetime. However it is important that relevant premiums are paid regularly or the policy may expire before maturity. It is mandatory for the policy holder to pay premium throughout the term of the policy if he or she wants to avail the full benefit of the policy. The policy definitely varies from the term life insurance, because premiums are usually high for whole life. Insurer will pay the death benefits only when the IP meet all the terms agreed upon in the policy. Term life insurance policy premiums tend to be less because they are fixed for a term where as the whole life lasts for 100 years or till the death of the insured person.

Whole Life Insurance Policy In South Carolina is fixed and the premiums are calculated on the basis of the insured person’s age. The IP will pay premium till death until it is a limited pay policy. This kind of policy is paid for over 10 or 20 years or when the IP is 65 years old. Whole life usually belongs to the cash value category in the annals of life insurance and variable life, universal life and endowment policies fall under this category.

Benefits of buying whole insurance policy in South Carolina

Benefits can be divided in to two categories and they are personal and family uses, and individual uses. The policy may look less attractive to loners or individuals because it is of indeterminate period of time. However it is the best policy for taking long terms or permanent insurance requirements. Some of the primary benefits:

• Funeral expenses
• Income for surviving spouse
• Estate planning
• Supplementary income after retirement

The whole life for individuals cannot be that attractive as its premium is quite high and they may drag for long years. However there are more purposes for which the policy is designed and some of them are:

• To clear large debts
• Young families with limited income and big needs
• Temporary requirement such as dependency years of children

Recent times have shown that the last category has hugely benefitted from whole life. Your Final Expense Insurance Provider In Florida will provide you with more information and what you need to do for obtaining the policy.

Uniqueness of the final expense insurance policy

This insurance policy is unique in nature because it takes care of your funeral expenses. It pays for the expenses of the insured person’s funeral when he or she dies and takes care of casket, flowers, undertaker costs, transportation, grave liners and headstone. If a family is not financially sound funeral expenses may be a great issue, and this unique policy solves it for the insured and his or her family. Getting an insurance policy from final expense insurance provider in Florida will prove to be a wise decision as raising the funeral cost will not be easy.

We provide access and support for end of life planning for families. We help them to set up free end of life plans and provide the funding for their memorials through final expense, or whole life insurance.