Whole Life Insurance program is the most popular among insured individuals. The main reason why it is preferred this much depends on the benefits it presents to the insured. Its overall cost is generally higher than the other well-known insurance programs. But you’re mostly guaranteed for a payout to your beneficiaries upon your death.
What to Consider Applying on Whole Life Insurance?
Insurance companies generally let you choose the payout you want. If you are looking for a high amount of payout, you should also consider that your monthly payments scale with your future payout. The premiums and monthly payments are much higher in Whole Life Insurance if you are Senior Over 70. You should consider your age, your health status, and your income before applying on Whole Life Insurance
Is there any Medical Exam?
Your death benefit is capped around $ 25,000. They generally don’t tell you that you can participate in Whole Life Insurance without having a Medical Exam. Because if you are a senior over 70, you are a high risk for the company and it is for the insurance company’s best to take you to a Medical exam. This is only because of your age, nothing more.
What are the payments and payouts?
We prepared a table including the average rates of the healthy male and female insured. You can check it out for a possible conclusion over your insurance type.
Remember that this information was gathered according to males and females who are non-smokers and have average health conditions.