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Whole Life Modified Insurance, more commonly known as a "final expense" or "burial" insurance, may be a viable option for those with past or existing health conditions. It is generally less expensive and more readily available for policyholders. Purchasing a modified premium whole life policy can also assist policyholders in qualifying for more extensive coverage at a lower rate after carrying the policy for a minimum of two years.
Funerals in the United States cost an average of about $7,000. Whole life modified insurance is designed to cover funeral and burial or cremation expenses. Premiums are typically upwards of $50/month for this type of policy, a relatively small price to pay to ensure loved ones can properly mourn their loss without the added stress of financial strain. Additional benefits include:
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There are a number of reasons why we get life insurance to begin with. Maybe you want to be able to cover your family for the future which is the unknown, maybe you want a whole life policy to be able to borrow against in the future.. whatever the situation is, a whole life policy has no expiration date. When we are talking about whole life insurance, we are talking about protecting you and your family for the rest of your life. There are lots of individuals who feel that Life insurance is a very big waste of money, in some cases this is true, and other cases this is false. When speaking about a whole life policy, it is indeed not a waste of money.
When you put money towards a whole life policy you do not lose that money, in fact you keep that money for the rest of your life, you may borrow against the policy for the future which is going to be known as the cash value, this cash value option is where the insurance companies will pay a dividend back to your policy with the premiums that you've paid it into the policy. This cash value is essentially a dividend/savings option that your policy collects overtime. Once you take the cash value away, it will in fact affect your death benefit, if taken before the policy has matured. Whole Life insurance is just that, your entire life, and covering you for that timeline. So when someone says that whole life insurance or life insurance is a complete waste of money, think again.
Why choose a Whole life policy?
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If in the future you would like to use some of this cash value for a college fund you may do so, but it does not stop there. You can use this cash value for whatever your needs are. Now there are some carriers that will give you a whole life policy with no medical exam. Other companies have different levels of coverage that will make the medical exam be a requirement. For example: Royal neighbors has jet whole life coverage, from 50,000 to 250,000 dollars of coverage they do not require a medical exam, however, at $250,001-$500,000, they will require a medical exam, this is also dependent on age, so if this is a type of policy that you're interested in, please fill out the form on this website so one of our licensed brokers can reach out to you and be of service.
Life Insurance Coverage
Basically, a whole life insurance coverage lasts your entire life, and makes it the right type of policy for anyone who cannot run the risk of their policy expiring. And if you are a high income earner, whole life policies can be incorporated into your financial strategies as a supplement to other investments.
Damian Gerry -
NPN: 19473448 License: 4038677
Tax Savings Investor
Here is a list of carriers that we work with: AIG, Royal Neighbors, Prosperity, Trinity/Benefit life, Liberty Bankers Life, Foresters, American National, Guarantee Trust Life, Mutual of Omaha, Protective, and more!
If you buy a Variable universal life insurance policy, you can invest the cash value in various separate accounts just like in mutual funds. You can choose any separate accounts that you want to invest in. The "variable" in the name refers to the ability of the policy to be invested in separate accounts with values that value. They differ because they are invested in bonds and or stock markets. The "universal" denotes the flexibility of the contract owner in paying premiums. Some months you may pay nothing and in other months you can pay the maximum amount for life insurance as stipulated by Internal Revenue Code. This is different from whole life insurance which has fixed premium payments that have to be paid, failure to which the policy can lapse. However, to avoid this eventuality, one may surrender dividends to make whole life premium payments or exercise an Automatic Premium Loan feature.
Variable universal life is an example of permanent life insurance. This is because if the insured passes away the death benefit will be paid as long as there is enough cash value to pay the value of insurance in the policy. The other difference between VUL and Whole Life insurance is that VUL does not have an endowment age which is 100 for whole life. Endowment age is the age when cash value is equivalent to the benefit amount.
Here is a list of carriers that we work with: AIG, Royal Neighbors, Prosperity, Trinity/Benefit life, Liberty Bankers Life, Foresters, American National, Guarantee Trust Life, Mutual of Omaha, Protective, and more!
Simplified Insurance
23811 Washington Ave, Ste C110265
Murrieta, CA 92562
Monday 7 a.m.- 6 p.m. PDT
Tuesday 7 a.m.- 6 p.m. PDT
Wednesday 7 a.m.- 6 p.m. PDT
Thursday 7 a.m.- 6 p.m. PDT
Friday 7 a.m.- 6 p.m. PDT
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