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Most ordinary whole life insurance policies have no explicit surrender charges.
Whole life insurance policies grant coverage until death that may not be cancelled by the insurance company.
Also, wealthy consumers who are concerned about estate taxes that may be incurred by beneficiaries after they die may consider whole life insurance policies because of the payout of those policies can be used for just such an expense.
For example, one Tampa, Florida business has used the cash value of its whole life insurance policies several times over the years, in one instance staving off mortgage foreclosure and in another, redeeming shares.
If you're setting aside money to leave as an inheritance, first check term and whole life insurance policies, particularly if you're young.
These lawsuits arise from the sale, beginning in the late 1970s, of whole life insurance policies, whose dividends accumulate to build cash value.
The Guardian Gold Series of three new whole life insurance policies was introduced to better meet the unique needs of America's changing population - from those funding kids' college educations, to thirty-somethings who want to start a solid financial foundation, to parents and grandparents who will live decades into retirement and wish to provide a legacy for their heirs.
7 billion of whole life insurance policies that are surrendered as well).
Many whole life insurance policies in the marketplace offer clients the opportunity to combine base whole life coverage with term coverage via a Blended Insurance Rider to create premiums that are closer to what is possible with universal life.
Purchase of periodic premium whole life insurance policies at the earliest possible age is still one of the best hedges against unforeseen future needs than is the case with any other financial product.
The amended complaint also alleges that the same deceptive course of conduct was used to sell whole life insurance policies to some of the named plaintiffs.
IN A RECENT DISTRICT COURT opinion, the court decided that a corporation had an insurable interest on the lives of over 2,400 of its employees on which it had purchased whole life insurance policies.