"While most of the industry quietly opposes total repeal, because they believe it threatens sale of whole life policies
, especially to the affluent, we support it because as a mutual life insurance policy we realize most of our policyholders would benefit.
Many whole life policies
have been purchased with the expectation that policy dividends (current and accumulated) would one day pay premiums.
Whole life policies
also build up a cash reserve over the life of the policy.
Once a single parent is able to afford more insurance, it is recommended that she diversify with whole life policies
that can be universal (fixed rate of return) or variable (rate of return based on market fluctuations).
Lapsation and policy terminations may be initiated by consumers at any time by failing to pay premium billings on term and whole life policies
. The non-renewal of term and whole life policies
may also occur on renewal anniversaries for policies with guaranteed renewable riders.
Similar to ordinary level premium whole life policies
, once a policyowner has chosen a premium payment plan, there is an element of "forced saving" until the policyowner requests a change in the premium payment plan.
Therefore, planners should compare not only term insurance rates but also the rates and quality of the whole life policies
into which the term insurance may be converted.
Thus, A purchased whole life policies
on its employees' lives, naming A as the beneficiary.
If policies are held for a significant number of years, the cash values of whole life policies
can supplement pension benefits or help fund shareholder buyouts.
Dennis Richardson, R-Central Point, argued that the proposal included unrelated provisions that would have drastically increased the interest to be repaid on loans from whole life policies
It says it regularly pays between 30 per cent and 50 per cent more than the surrender values offered by life offices on low-cost endowments and whole life policies
Britannic Assurance says it will give 4,000 Rover employees who are customers of the company the chance to delay premium payments on their endowment and whole life policies
for up to a year.