If you’ve been involved in a serious accident that caused you serious bodily harm, Life insurance companies might refuse to insure you in the future.
Life insurance is not an entitlement; you must qualify for it. Therefore, Permanent Life Insurance should always be your first choice if your budget allows it.
Whole life insurance appears to be the most expensive Permanent Life Insurance product in the marketplace, but there’s a reason why.
Unlike Universal Life Insurance, most Whole Life Insurance Contracts have FIXED payment schedules.
This inflexibility in premiums can become problematic for individuals who run into financial hardships and can lead to some whole life insurance policies lapsing.
Premiums are the monthly or annual payments you send to the Insurance company in order for them to insure you.
On the positive side, if a Whole Life Insurance client can meet their payment obligations, Whole Life Insurance is by far the best permanent insurance product in the market.
Depending on Your Whole Life Insurance contract, You can reach a point where your insurance policy is paid up in full and you don’t owe the insurance any money,
In fact, depending on what whole life insurance contract you sign with the insurer, the insurance company might be contractually obligated to start sending you checks in the mail.
Whole Life Insurance also has a feature called “paid-up additional insurance,” which raises your death benefit.
Another drawback of term life insurance is that as you age, higher premiums will purchase you a smaller death benefit.
Paid Up Additional Insurance, depending on the age of the insured individual, can turn a $30,000 whole life insurance policy into a $300,000 insurance policy at time of retirement.
Owners of Whole and Universal Life Insurance products, who understand the important basics of their policies tend to be happy with them.
This is why working with an insurance agent who cares about you and Your Family should be your first priority.
If your sole intent is to purchase Life Insurance For You or your loved ones, Whole Life Insurance is an excellent choice.
An insurance agent who cares is an agent who will tell you the good, the bad, and the ugly about all forms of Life Insurance.
Not all whole life insurance contracts are created in the same way.
Insurance revolves around legally enforceable contracts.
If you live in Canada and need help or a free quote for life, disability, critical care, travel, home, renters, or auto insurance.
Call, text, or email Seg Fund Insurance using the information provided below this video.
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If you live in Canada, and need help or a free quote for life, travel, home, renters, or auto insurance.
Call, text, 416-705-0892 Email us cs@segfundinsurance.com Please like, share, subscribe, and comment!
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