What is whole-life insurance?
Whole-life insurance is a policy that provides lifetime coverage. The instrument includes a savings component. It is perfect for those who plan future expenses and worry about the family.
Benefits of Whole-Life Insurance
This policy can bring a stable income and protect investments from inflation. Unlike Term Life Insurance, which provides only death benefits while the policy is in effect, Whole Life Insurance is supplemented with an investment option and is valid for life. Fortunately, many Term Life Insurance policies allow their owners to switch to whole-life insurance. This is especially useful for those over 60 years old.
Cost of Whole-Life Insurance
The cost of Whole-Life insurance depends on many factors:
Age: the younger the person the less the monthly contributions to LIC are;
Gender: women's contributions are lower than men's. According to statistics, women on average survive to 81.3 years, and men to 76.3 years in the USA;
Smoking: smokers pay much more than non-smokers. For example: a 30-year-old smoker will pay about 2-3 times more than a non-smoker;
Profession: the type of activity of LIC client also influences life insurance expenses.
In the United States, a life insurance policy with a death benefit of $30,000 for a 30-year-old non-smoking man costs approximately $250 per month. The same policy will cost $218 for a 30-year-old non-smoking woman.
Source: https://southfloridareporter.com/a-how-to-guide-to-whole-life-insurance/
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