References in periodicals archive ?
In addition to valuable death benefit protection (if properly structured) and if the client's needs change, withdrawals from a whole life policy can provide tax-free income in retirement.
A whole life policy at the original issue age when the SPO rider was purchased.
5 million in coverage, he might recommend a $1 million whole life policy and the rest in 15-year and 30-year level premium term policies, which can be terminated when there is no longer a need for the coverage.
On a whole life policy there was no separately stated surrender charge.
And if, later in life, Jim decides he wants to live a slightly richer retirement, he can take dividends off his whole life policy.
A higher percentage of term policies (without a renewal rider) may be associated with a lower lapse rate, given that the expiration of non-renewal term policies is not regarded as lapsation; in contrast, the cancellation of a whole life policy is reported as a lapse.
Due to the lower dividend, however, a whole life policy may need to be paid for many more years than originally illustrated.
Cash value buildup is fastest for a single premium whole life policy and slowest for a "continuous-pay" (level premium over life) policy.
Commonly used for estate and business planning, a whole life policy is desirable where a guaranteed death benefit and a guaranteed level premium are important.
The second is a Whole Life Policy that has no fixed finishing date, but the premiums on these are not guaranteed.
True 66%--if you cancel a whole life policy after just a few years your life insurance costs can double.
Now we're told it's a whole life policy which pays out only on death.