Is Term or Whole life Insurance for You?
Whole life insurance for NH residents is more complex than term life insurance, but out of all of the permanent life insurance products, it is the most basic and easy to understand. Whole life insurance is a two-part product that pays a death benefit and has a savings component that accumulates cash-value over time. The policyholder can withdraw or borrow against the cash value once enough money has been accumulated. A whole life policy may also be part of a tax efficient strategy for the policyholder.
A whole life insurance policy will pay a guaranteed death benefit when you die no matter how long you have the policy and regardless of your age. It will remain in force for as long as you continue to pay your premiums. Premiums are fixed for life and will not increase or change over time.
One common question people have is, “how much more are whole life premiums compared to term life premiums?” Typically, premiums are three to five times more expensive for whole life insurance policies. This may seem like a lot at the beginning of the policy, but remember that a portion of your premium payment is put toward the cash value of the policy.
When it comes to life insurance there is never a one-size-fits all approach. It’s important to consult with a financial expert and insurance advisor to find the right solution for you.
Whole life insurance might be right for you, please give us a call. We offer a consultative approach so that you will better understand your life insurance options. You’ll become informed and empowered to make the right choice for you and your family.
Call us to talk about your life insurance needs at 800-392-6532
or fill out a Life Insurance Consultation Request online.
Use our life insurance comparison chart