Permanent life insurance is an affordable insurance that covers the insured for a lifetime, unlike with term insurance where the coverage is just for a period of time. There are two main types of affordable permanent life insurance: whole life and universal life.
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Affordable Whole Life Insurance
Whole life insurance, also known as ordinary life insurance, offers protection in case of the insured’s death at the same time, building up cash value, all in an affordable cost. As long as the policy owner regularly pays the quoted premium, the ordinary life policy remains in force, regardless of any changes in the health that may occur. Unlike some term insurance quotes, the ordinary premium remains the same as the insured gets older. A portion of each premium payment is set aside to earn interest until the ordinary policy develops cash value.
Whole Life Insurance for Children
Whole life insurance for children allows you to protect the financial future of your children or grandchildren at affordable ordinary quotes is also available. It provides affordable coverage for the children until his/her old age and does not have an expiry date unlike term insurance. Whole life insurance quote for children are frequently purchased by parents to provide coverage for burial expenses, savings opportunities for the future, and cash out to pay expenses such as payment for tuition fee, etc. in just affordable premiums.
When Should You Avail Whole Life Insurance Quote?
Parents should get their children a whole or ordinary quote while they are young and healthy because the premium for an ordinary quote is cheaper than when they he/she is at an older age. It depends on the child’s age and health status.
Some affordable whole life insurance policy quotes provide coverage even for an individual’s future grandchildren. However, if the children suffer from an illness, there is a chance of higher premium. And if the children develop a medical condition after the policy is issued, the premium quoted will not increase over time.