What Is Whole Life Insurance & How Does It Work?

The Basics of Life Insurance Part II

Known by a few different names, and probably the most tweaked product in the industry, Whole Life (aka straight life in older circles) has a several centuries history of offering guaranteed death benefit for the entire lifetime of the insured.

In the world of guarantees, nothing beats it, and it has been an anchor for conservative savings plans for just about as long as it's been in existence.  It's also one of the most hotly debated products in the insurance industry as opinions run wild about its overall usefulness compared to other products that exist today. 

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What Is Term Life Insurance & How Does It Work?

The Basics of Life Insurance Part I

The simplest form of life insurance is called Term Insurance.  Term takes its name from the notion that it is purchased simply for a term (period of time), after which is it no longer renewable.  Not that long ago the general rule was term products were renewable to age 75 and that was it.  More recently this has been reviewed and some companies are offering term products that can be renewed past this date.  This is also governed by state insurance law so you should check on this for your specific state.  

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