Analyzed Insurance

Whole life insurance provides financial security for you and your family. Once you purchase a policy, you don’t want to lose the coverage. But if you become injured and are unable to work, and as a result cannot pay your premiums, your whole life insurance policy may be put in jeopardy. Adding a waiver of premium rider to your policy may safeguard your life insurance coverage.

Waiver of Premium Rider

A rider is an attachment to your insurance policy that changes the terms or coverage of your policy.

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A whole life insurance policy provides you with coverage for your entire life, rather than for a specified term (such as 10, 20, or 30 years). Whole life insurance provides your family with financial protection. In addition to insurance coverage, a whole life insurance policy has the added benefit of building cash value.

Cash value is considered the savings portion of your whole life insurance policy. Because of the cash value aspect, some consider whole life insurance an asset in an overall financial portfolio.

What Is Cash Value?

Cash value is the value that accumulates in your whole life insurance policy.

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Whole life insurance plans are much more complicated than term life plans, so the process of finding one can be confusing. Since the insurance company is obligated to pay out benefits on a whole life plan, the terms of the contract can be much more restrictive.

This can all seem a little overwhelming for those who are looking to buy whole life insurance. The best way to start looking is to become familiar with common terms and procedures. Then start considering factors such as budget, coverage amount, and additional benefits.

Understand the Basics
Term life insurance plans are relatively inexpensive because there is usually little chance the company will have to payout on the policy.

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