Why You Should Always Consider Whole Life Insurance For Your Life Insurance Needs
There’s no such thing as a one size fits all insurance. Before the invention of whole life insurance, term life insurance existed. Whole Life Insurance was created to correct the shortfalls of Term Life Insurance.
The Term Life Insurance EXPIRY Date – Outliving Your Term Insurance Policy
There are a lot of people who know very little about life insurance who say, “Buy Term and invest the difference in Mutual Funds.” The people who say this are usually either very rich or they’re younger than 65 years of age.
If you’re very rich, or if you imagine yourself a financial expert, life insurance might be a minuscule part of your existence; as a financial expert, you might argue that your client’s expenses should be at a bare minimum and, therefore, they should cancel their EXPENSIVE whole life insurance contract.
But if you believe that buying term insurance is the only way to go, then you might be misled because term insurance is indeed TERM/Temporary insurance and does have an EXPIRY date on it.
Dividend Paying Whole Life Insurance Ontario Canada
After you turn 65 years of age, term insurance becomes very expensive, and when you’re in your 70s, you may find yourself not only being declined for term insurance by most insurance companies but you’ll be charged a higher premium for less insurance.
Call or text Romone for more information
Contact Romone: (416) 705-0892
You can also use the contact form for more information.
Your Whole Life Insurance Policy Should Age Like a Fine Wine
Whole life Insurance works differently from Term Insurance; Whole Life insurance, namely dividend-paying Whole Life Insurance, is similar to a savings account that can actually purchase additional insurance as you age.
So as you age and potentially retire, you can ACCESS capital from your whole life insurance contract, which is something that will never happen with term life insurance.
Get the thought out of your mind that Life Insurance is an investment; life insurance is NOT a mutual fund or stock, and anyone trying to convince you that it is, is a liar. The Life Insurance industry does everything in its power to make sure people do not confuse whole life insurance with mutual funds.
When a financial “expert” says that the money you’re spending on a whole life insurance contract should be used for a mutual fund, then this person is trying to CONFLATE whole life insurance with investment advice.
Dividend Paying Whole Life Insurance Ontario Canada
The word dividend in the insurance industry merely means a return of premium, so when you purchase a dividend-paying whole life insurance contract, the insurance companies are merely returning a portion of your premium.
The reason why term insurance is CHEAP is that they’re not returning your premium. Instead, you’ll have a larger death guarantee with a term life insurance plan, and that death benefit will not only start to shrink as you age but will also become more expensive to service as you age.
Call or text Romone for more information
Contact Romone: (416) 705-0892
You can also use the contact form for more information.
Dividend-paying whole life insurance is different; the longer you live, the more dividends you can accumulate; think of it as the insurance company rewards you for staying alive.
This entire equation shouldn’t be confused as an investment, this is merely the whole life insurance contract, because you’re going to be paying the insurance company for your own life, the insurance company will reward you for remaining their client.
Some of the other rewards of joining Romone and purchasing a dividend-paying whole life insurance contract are that the insurance companies I work with offer living benefits, like policy loans, dividends in the forms of cash or paid-up additions(highly recommended), and discounts on other insurance products.
Lastly, with whole life insurance, you never have to reapply; with term insurance, when the term expires, you have to reapply, and let’s say, when it’s time to renew, you’re sick. Well then, your term insurance will be more expensive; the insurance company might even decline your coverage.
Whole Life Insurance is for your whole life; you’ll never have to worry about reapplying again. There are a lot of other benefits not mentioned here that you get when you’re my client and sign up for a customized whole life insurance contract.
Call or text Romone for more information
Contact Romone: (416) 705-0892
You can also use the contact form for more information.
