Whole
Life Insurance
Whole life insurance
provides for a death benefit, a fixed premium that
never changes, and a cash value table included in the
policy that is guaranteed by the Life Insurance
company.
The primary advantages of whole life
policy vs. a term
life insurance policy are 1) guaranteed death
benefit, 2) guaranteed cash values, and 3) fixed
annual premiums.
How much life insurance do I need?
Rough "rules of thumb" suggest that you should own
life insurance equal to 6 to 8 times your annual
earnings. However, each individuals financial
situation is different and their corresponding life
insurance needs may vary as well.
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