What are the various types of whole insurance? Whole life insurance policies may vary significantly based on several factors. The main six forms of whole life insurance policies are Non-Participating, Participating, Indeterminate Premium, Economic, Limited Pay, Single Premium, and Interest-Sensitive whole life insurance.

The different types of whole insurance policies typically offer different benefits, but all whole life insurance policies are based on the foundation that owners of the policies will pay for the premiums for the entire life of the policy. For some policy holders who decide to pay upfront for the whole policy, there are typically no additional payments. One of the benefits of whole life insurance policies may include a guarantee by most companies that the cash value of the policy will increase even if the company changes or the market fluctuates. The cash value of a whole life insurance policy may offer investment funds if the policyholder is financially prepared enough to make premium payments.  For more information, read about the different types of life insurance.

There are different types of whole life insurance policies, all of which are different from term and address the concerns of policy holders that may have been frustrated by paying money that potentially did not offer any return. While they generally cost more than term life insurance payments, whole life insurance may offer the benefits of cash value and a death benefit, thus giving a little  peace of mind. To find out the right policy for you, you may want to get quotes from a number of different providers.

For more information on life insurance, read this article, “What’s the Best Life Insurance?” <hyperlink: article 49>