| Several people have asked me to explain how | | | | A Whole Life Insurance policy requires that you |
| Whole Life Insurance works recently, so I decided | | | | take a physical exam, in most cases. Before a |
| to do it in an article so everyone could read it and | | | | company is going to provide insurance coverage |
| I could answer everyone's question at the same | | | | they're going to want to know if there are any |
| time. Also, you can always refer back to this | | | | physical ailments that they should be aware of |
| article if you ever have any questions. Fair | | | | first. Some of these may disqualify you from |
| enough? Then let's get started! | | | | being covered, such as AIDS, Cancer, Heart |
| This is a type of policy that is meant to provide | | | | Disease, Diabetes and more. |
| life insurance protection for a person's entire life | | | | When you pay into a Whole Life Insurance policy, |
| or until they reach the age of 100 years, | | | | a portion of your premium payments go toward |
| whichever comes first. This is a permanent type | | | | buying insurance, while the rest goes into a |
| of policy, which means that you'll be paying on it | | | | savings account that accrues cash value. This |
| for as long as you live, unless you happen to get | | | | cash value will accumulate and begin to draw |
| a specific policy where you can pay it off early, | | | | interest over time. This will actually build into an |
| such as a "Paid At 60" policy. These types of | | | | asset that you can use as collateral or borrow |
| policies charge much higher premiums, however | | | | from. You must repay the loan in order for the |
| you'll only pay on them for a specified period of | | | | entire face value of the policy to be paid out in |
| time and be finished. Anyway, I don't want to get | | | | the event of your death. |
| too far off track. | | | | |