Virginia Whole Life Insurance Quotes
Whole Life Insurance policies with benefit riders in Maryland, D.C. and Virginia
What is Whole Life Insurance?
A form of permanent life insurance, whole life insurance features guaranteed premiums, death benefits, and cash value. Whole life insurance policies also give you the potential to receive dividends, which can increase the value of the policy when the insured is living or provide an increased death benefit for your beneficiaries.
You may want to purchase a whole life insurance policy if you want:
- Protection for life
- Payments that stay the same each year
- To be able to put additional money into the policy on a tax-favored basis
- Cash value you can use while you are living
Whole life insurance offers confidence through the guarantees it provides:
Guaranteed level premiums. The premiums you pay are guaranteed to remain the same for the life of the policy, regardless of age or health.
Guaranteed death benefits. Beneficiaries will receive at least the face amount of the policy upon the death of the insured, assuming you do not have outstanding policy loans and that the policy premiums are paid on time.
Guaranteed cash value. Your cash value will grow each year, tax-deferred, until it matches the face value of your policy. When you need it most, you’ll have access to your cash through loan and withdrawal options.
Whole Life Insurance caters to long-term goals by offering consumers consistent premiums and guaranteed cash value accumulation.
Whole life insurance is more expensive than term life insurance and not very popular due to the cost. However it is still provided to the masses that already have term, but want to have permanent insurance to protect their loved ones. Some even use this type of product as a duel purpose product similar to a savings account and life insurance policy. Below are some policy riders that are common for whole life insurance.
Whole Life Insurance Riders
Riders are attachments or special amendments that are adding to the core policy that add specific coverage at the request of the policyholder. Riders usually add a small additional cost to the core policy.
Accidental Death Benefit Rider
When added to a life insurance policy, this rider secures an extra amount of money paid to the beneficiary/beneficiaries if the policyholder dies as a result of an accident. Often referred to as “double indemnity,” this life insurance rider usually doubles the amount of the death benefit.
Waiver of Premium Rider
This life insurance rider waives the responsibility to pay the premium when the policyholder becomes disabled, during the length of time the policyholder is disabled. Premiums are to be paid, but if the insured has become disabled and suffers from loss of income as a result, the waiver of premium life insurance rider will guarantee the active status of your life insurance even if the premiums are not paid. A similar life insurance rider that is especially beneficial is the disability income rider, which secures a monthly income should the insured become permanently disabled.
Accelerated Death Benefit Rider
This life insurance rider allows the insured to collect either all or a portion of their life insurance policy while they are alive. The insured can claim this rider if he/she were to be diagnosed with a terminal illness, requires long-term care or admission to a nursing home. With these conditions, the insured would most likely be unable to continue work and earn an income. This life insurance rider can help relieve some of the financial burden and medical costs.
Renewal Provision – Guaranteed Insurability Rider
This life insurance rider guarantees your life insurance policy’s renewability at the end of its term (assuming you purchased a term life insurance policy and not a permanent whole life insurance policy). Upon renewal, you can add coverage to your policy and will not need to offer further proof of your insurability. However, consult with your insurance agent to find out whether your provider grants this rider with conditions (does it expire after a certain age? Is renewability only valid within a set time period?). This life insurance rider is especially valuable because a term life policy may expire before the policyholder has passed on, but at a time when the policyholder’s condition is uninsurable.
Family Income Benefit Rider
This life insurance rider provides a continuous monthly payment to your beneficiaries upon your death. Rather then receiving one lump sum, your beneficiaries can receive the death benefit in monthly payments, which means a reliable source of income. When adding this life insurance rider, the insured (you) chooses the length of the term you would like to provide this income security.
Not all riders are available for each product, please check with Comrade Financial Group to make sure any and all riders are available.
If whole life insurance is something you would like to discuss further or to obtain a quote please click below.