Home Money Insurance What Is a Whole Life Insurance – Is It the Same as Life Insurance

What Is a Whole Life Insurance – Is It the Same as Life Insurance

What Is a Whole Life Insurance: In this we analyze what is a whole life insurance, how is it different from basic life insurance? What does it cover? Find out with Insurance I want..

If you are looking to take out life insurance, we are convinced that you are wondering what life insurance is all about. We will try to help you by making clear some concepts.

What Is a Whole Life Insurance
What Is a Whole Life Insurance

What is a whole life insurance? Is it the same as life insurance?

In a life insurance policythe insurance company is obliged to pay the beneficiaries of the same the benefits signed and guaranteed in the policy. Normally life insurance has a maximum age of permanence. In the case of whole life insurance, this limitation is eliminated by increasing the age of permanence and coverage in an unlimited manner.

The purpose of an entire life insurance is to leave a capital to relatives or beneficiaries of the insurance trying to compensate for a possible loss of purchasing power as a result of the death of the policyholder. Another reason why many people decide to subscribe to this whole life insurance is to be able to face the expenses derived from inheritances such as the inheritance tax.

What Is a Whole Life Insurance
What Is a Whole Life Insurance

If you want more information about collecting life insurance for death we advise you to read our previous article.

What features does it have?

The rescue: These insurances can be canceled at any time and a part of the amount paid can be rescued.
Capital and premiums: can be established as constants or be modified over time.

Benefit: As in any life insurance we can choose whether we want a single payment or a temporary or life annuity.
In addition, they have a particularity with respect to the premiums: you can decide to pay a monthly payment during the whole life or to pay during a certain period(for approximately 25 years) but that the policy remains in force throughout the life of the policyholder.

What Is a Whole Life Insurance
What Is a Whole Life Insurance

This particularity of an entire life insurance is because you may prefer to pay a higher premium during the years in which you work and still keep the insurance to leave your family something inheritance, for example.

Life insurance is specific products and having the advice of a professional is necessary. If you already know what a whole life insurance is and you are looking for a life insurance that suits your needs and provides security to your family, do not hesitate to use our life insurance comparator.

You have probably heard about whole life insurance: What are they? What differentiates it from a normal life insurance? What advantages does it have? If you have asked any of these questions, you will be interested in the information we have prepared for you in this article in which we will answer these and other questions about life insurance.

What Is a Whole Life Insurance
What Is a Whole Life Insurance

Life insurance is one of the most popular types of insurance in the category of people. In the case of whole life insurance, it is intended to provide the person designated as beneficiary with a capital with which to compensate for the loss of income due to the death of the insured or even provide the heirs with capital with which they can meet the costs of transferring assets. or guarantee the payment of debts or mortgages without having to resort to the rest of the inheritance that they may have received.

In this type of life insurance, the insurer is obliged to pay a capital on the death of the insured without taking into account the moment in which it occurs. The agreed compensation may well be in the form of income or capital and although it has a high-risk component, it also has a savings component.

In whole life insurance, the disbursement of premiums can be made in two ways: a life premium, that is, periodically until the moment of death; or a temporary premium, that is, the premiums are paid for a specific period, for example, 20 or 30 years, although the insurance coverage extends until the covered loss that is the death occurs.

What Is a Whole Life Insurance
What Is a Whole Life Insurance

If you did not know this type of life insurance it is convenient that you know that it is a very popular insurance that many insurance companies offer so if you are finally thinking about acquiring one, we recommend that you study well the advantages and prices that can be offered to you. that in the end, the best product will be the one that can offer you the most advantages at the lowest price.

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