What’s the Most popular type of life insurance? Whole Life insurance. Why?

Whole Life covers you for the whole of your life rather than a fixed term and pays out on your death. Whole life combines insurance with an investment component.  A whole life policy has two elements: the mortality charge, the part of your premium that pays for the insurance coverage, and a reserve, the investment component that earns interest. As you age, the portion that goes into the reserve decreases while the portion that pays for the mortality charge increases. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against.

Whole life is expensive, and if you’re on a limited budget, you may not be able to afford all the insurance coverage you need. The policy’s returns will fluctuate with the markets. The extra expense will only be worth it in the end if the policies were a sound investment vehicle. The three most common types of whole life insurance are traditional whole life policies, universal and variable. As you can see, term life insurance is a good source of protection for most people and many different situations. From young families to single parents to business owners, the low cost and simple protection offered by term life insurance is often the best choice View quotes 

Does all this seem like a lot to process? Don’t worry! Call Us 888-502-5267. The insurance experts at Elite Insurace Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free,-strings-attached quote, and then come back often for more information and inspiration about life and life insurance!

Keep In mind in the spirit of transparency, Our blog post are for informational Purposes only. We know how quickly things change, so we can’t guarantee the   content and the links to unaffiliated parties are up to date.

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