Since it never expires for as long as you are making your payments, you are guaranteed to have coverage for the rest of your life. Whether or not you become critically ill or engage in a dangerous form of employment, you will still enjoy coverage and you will still pay only the rate that you originally locked into. This is particularly attractive to those that are employed in dangerous fields such as being an airline pilot or being a police officer, both of which can make it more difficult to obtain a life insurance policy.
Since these policies actually develop a cash value, they can also be looked at as a form of investment rather than just as an insurance policy. In that way, you don’t feel as if your money has been “wasted” by paying premiums on a policy that you never use.
Who Needs this Type of Coverage?
Pretty much anyone would benefit from a whole life insurance plan. Even if you no longer have dependents, having coverage in place will help prevent being a burden on your loved ones when you pass away because it will cover the costs of your funeral, estate taxes, and other costs that your heirs may have to pay when you die. Since a policy also has a cash out value, you can take comfort in knowing that it is available if an emergency should strike or if you become ill and need the money before you pass away.
In order to lock in the better rates, however, it is best to get a quote and purchase a whole life insurance policy while you are young. The older you are when you acquire a life insurance policy, the more you can expect to have to pay each month. In fact, wise parents will purchase a policy for their children shortly after they are born while the premium costs are minimal.