Whole Life Insurance Question

Reader’s Question:

What do you mean by Whole Life insurance? Is this the same as the permanent life insurance? I would really appreciate your help. Thanks in advance.

Jenny

Bridgeport, CT

Hi Jenny! Actually, the whole life insurance is a type of a permanent life insurance. This insurance is known under the name of straight life. This insurance means that your premium payment is constant throughout or the remainder of your life. For this type of insurance, it is better to begin at an early age, thereby making your premium payments cheaper. Your money will increase depending on a definite rate as stated in your policy. One good thing with this type of insurance policy is if you are currently experiencing any financial trouble, you can easily loan the cash value of your insurance policy from the closest insurance agent in Minnesota. The cash value of your policy means that it is the money in your life insurance that increases at later. Now, the payment for your loan will be the same as the prevailing interest rate used by your current insurance policy. If you have any further questions, you may contact the nearest and dependable insurance agent near you. I hope this explanation has answered your queries. Till next time.