Tragedies happen. Illness happens. Life and death happen. It isn’t always easy to think about the “what ifs” associated with your passing; however, it is essential to make sure your family will be cared for appropriately. Do you want them worrying about bills because you didn’t plan and prepare better? While there are many options for life insurance policies, single whole life policies are the most versatile.
A whole life insurance policy provides coverage for the entirety of your life. Some other insurance policy options provide coverage for specific events such as final expenses, paying off your mortgage or auto loan. With a single whole life policy, your loved ones may be able to collect substantially more because you are paying cash into it at a regular, level rate.
The premium can vary based on your age, health, occupation, and level of protection that fits your needs. One option would afford for a one-time premium payment. Another option splits the payments equally over 20 years. The way you pay your premium, and the amount of the premium is something you will speak about at length with your insurance representative.
When it comes to looking at options for protecting and caring for your family after you’re gone, why not think about single whole life insurance. The flexibility in premium and the complete coverage will make a difficult time more comfortable for your family to afford.