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Insuring Your Whole Life

Oct 10, 2007
These days, protecting yourself for life is essential. It provides protection to us and to our loved ones. In the event of something untoward happening, we can rest assured that the benefits will go to the right persons. In the world of today, money is security, and an insurance plan goes far to supply us with this security. For some people, insuring life is also a great investment. Insurance plans that build cash value and offer tax benefits can be regarded as offering us some returns on our investment. However, insurance plans are primarily meant to build security. If one is looking for solely an investment option, it would be advisable to find a different mode.

These days, we are being spoilt for choice among a variety of life insurance options. At the fundamental level, we have a choice between term (which provides coverage for a specific number of years) and whole (which provides coverage for one's entire life) life insurance. While both these have their own advantages and disadvantages, I find myself in favor of the whole life insurance option. This offers quite a few great things that are missing in the term option.

First of all, "whole" plans invest part of the premium amount that has been paid and help build cash value. After a period of time, it may so happen that the cash value itself starts paying for the policy. This is quite an advantage that is lacking in the term life option. Moreover, most whole life insurance plans require only a single medical examination. Thus, one can eliminate the headache of frequent medical check ups, unless one decides to alter one's current plan. The tax savings that are incurred also work up to a fairly large sum in this case.

In addition to these advantages, one also has to select from among three basic kinds of whole life insurance. The first of these is the traditional whole life insurance. This makes the insurer a promise of a minimum rate of return on his/her cash value. Yet another type has to be the whole life policy that is interest-sensitive. In this case, the policy offers a variable rate on one's cash value. The third type is one that involves a single premium. This is suitable for those who are ready with the money to buy an insurance policy. Thus, even after choosing between whole life and term life insurance, one still has far to go in deciding one's insurance policy.
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