Important Considerations for Life Insurance at Ages 81-85

The cash value accumulation feature will pay out what it has accumulated.  You can also withdraw funds that have accumulated if you need some ready and quick access to some cash fund.   These cash value accumulation plans accrue interest and builds over time.

Let’s look at the policies in greater detail.

Whole Life Insurance

When you pay your premium towards buying a whole life insurance policy, your premium goes to cover 3 aspects of the policy which include;

  • Administrative Costs
  • Death Benefits
  • Cash Value Accumulation Portion

You are given a guaranteed fixed rate of interest for the cash value accumulation feature and that is how much you earn.  You won’t be told how much of your premium is being apportioned to how the premium is levied amongst the 3 types of premium allocations described above

The single most important advantage of a whole life policy is that you simply pay your premium and don’t have to worry about it.  All you have to decide is how much you need for the mortality cost or death benefits.

Universal Life Insurance

Universal life insurance is considered a younger version of the whole life policy.  It offers pretty much the same thing but also has the advantage of giving a few more options to create a more tailor made policy for yourself that might better suit your circumstances.

You can be more proactive with a universal life policy because it allows you to:

Decide on How Death Benefits are Paid – You can decide on how your death benefits are paid. Your choices include choosing between the amount equivalent to the cash value or a combination of a specific death benefit amount plus the cash value.

Decide on the Investment Portion /Cash Value – You will be guaranteed a specific rate of return regardless how well the market performs. But, if your investments perform better than the minimal guaranteed amount of investment, you also reap the benefits.

A universal life insurance policy offers you a bit more flexibility.

Final Thoughts

If you’re not sure which policy might suit you best than I suggest you give me a call so we can discuss your circumstances.

You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383