I just want to know if Whole Life insurance Policy is the same as the permanent life insurance? Thanks.

Mark

Mesa AZ

Hi Mark!

The whole life insurance policy is a actually a type of permanent life insurance. This type of insurance is is also known as straight life. This insurance means that your life insurance payment is constant throughout or the remainder of your life. This whole life insurance, is better to start at an early age, therefore making your life insurance premium payments much cheaper. Your money will increase but it will depend on a definite rate in your life insurance policy. The best thing with this type of life insurance policy is that if you are currently experiencing any financial issue, you can easily loan the cash value of your life insurance policy from the closest insurance company or agent in your area. The cash value of your life insurance policy means that it is the money in your life insurance that raises at later. Now, the life insurance premium payment for your loan will be the same as the prevailing interest rate used by your current life insurance policy. If you want to get more information on the whole life insurance policy, you may contact the nearest life insurance agent near you.

I hope this explanation has answered your question.