Whole life insurance is a policy where the insurance company will pay out the face value of the policy at the time of the policy holder’s death, provided the policy holder has been paying his premiums until the time of his death. It may become appealing especially to those who are senior citizens who would like to have their mind at ease knowing their next of kin will be paid cash when the opportune time comes. When it comes to purchasing the best whole life insurance, make sure that you understand what kind of policies, other benefits, and expenses are within your range.
Advantages of Whole life insurance
- No Expiration – Coverage does not expire along with can be enjoyed for an entire lifespan as long as premiums are being paid. This ensures that the death benefits will help your family as you plan for the future, even if you live to a very old age. The benefit of this feature becomes clearer when you take life’s unpredictable nature into account. While being able to live a long life is a privilege, it might also come with financial difficulties, particularly if you outlive your funds.
- Cash Value – This is the part of the policy where money accumulates over time and is available for the policy holder to borrow against if they so want. Following retirement, it offers policyholders the following options.
- Fixed rate- The premiums paid are fixed and not enhanced with every renewal period, unlike what is witnessed with term life insurance. This makes it easier in financial planning and control of the organization’s resources as well as expenditure.
- Leveraging Features- This option can be taken where one pays further premiums in advance to reduce subsequent premiums, or use cash values to opt out of premiums. This provides flexibility.
Coverage of Whole life insurance
Whole life insurance is form of insurance that offers coverage for the entire lifetime of an individual making it possible for a policy holder to borrow against the policy. Premiums do not change with time in addition to constant unlike what is experienced with term life policies. By making regular premium payments, the specified death benefit will be paid out once a policy owner dies. This gives seniors peace of mind that their burial bills as well as other associated expenditures will be covered, ensuring that their relatives won’t have to bear this financial burden.
This kind of policy combines features of permanent insurance with the reward of cash or equivalent itself upon death to provide Whole Life Insurance coverage.
Why to choose Ethos Whole Life Insurance
Ethos is on a mission to help seniors attain whole life insurance by offering a simple application that offers immediate approval without undergoing a medical examination. The firm provides instant approval to everybody that falls within the age of 66 to 85 years and the coverage provided is between $1000 to $30000. To set a rate that will cover you for life, Ethos asks you some health questions to assess your rate.
As soon as the first payment is made, the coverage is granted, and there are no further requirements needed for its renewal over the course of a lifetime. To show its love, at 100 years of age, the policyholders are allowed to retain their full coverage along with never again pay a penny in premiums. Ethos whole life insurance key highlights include:
- Guaranteed Coverage: It provides assured approval irrespective of the applicant’s medical histories. They will not deny users based on health problems at Ethos.
- Instant Start: it means the coverage starts from the first day of the first payment is made. No waiting periods.
- Lifetime: Enduring protection with coverage maintained throughout the life of the individual or group, provided premiums are made. The last payment made at 100 simply means that no further payments are required.
- Licensed agents available: feel free to discuss with the agents in case you have any questions regarding the whole life insurance policy.
- Ease of Implementation: It can be implemented in the course of a few minutes with simple health questions instead of lengthy examinations. Checking eligibility is simple.
- Low Premiums: It has shown that there is a way of fixing prices for premiums that meet the economic needs of a majority of the population. Ethos keeps costs reasonable.
A Guide to Ethos Whole Life Insurance
Seniors can acquire Ethos coverage in only three easy steps:
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Apply in Minutes
They are required to fill a short online application where one has to answer some health questions so that Ethos will be able to come up with the desired rates. It’s not like the traditional doctor’s offices where you fill out pages of paperwork and sit for hours doing exams. Approval is instant.
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Select Coverage
Select one of the available policies as well as get a coverage amount within the range of $1,000 and $30,000 (depending on the customer’s eligibility). This is the actual coverage that your loved ones would get in case of your demise.
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Get Instant Coverage
Policyholders can begin as early as the first premium payment, with coverage beginning immediately. Always pay your premiums so that your policy will always be in-force.
Conclusion
Entering senior years can be a stressful time for many people; however, having a whole life insurance guaranteed to cover senior years can offer a sense of security. Ethos ensures that people can afford lifetime coverage online and getting it does not require going through many tests or proving one’s qualifications if one is 65 to 85 years. Within as little as 5 minutes, achieve the security that would assure the finances for funerals or other end of life costs even in old age. For those desiring an immediate, permanent policy that is fully paperwork free and conducted entirely electronically at reasonable cost, Ethos whole life insurance is a good option.