It is a permanent insurance policy, which means the insured is covered for the duration of their live as long as the policy is in effect. The policy will stay in effect as long as the premiums are paid and no lapse in coverage occurred.
What are some features of a Whole Life Policy?
Whole Life policy is a permanent life insurance that will be live with the insured as long as their premiums are paid. Some whole life polices build cash values in a separate account and different then the death benefit value. These types of policies are called Indexed Universal Life or Universal Life Policy. Where the policy owner will accrue interest on the premiums paid.
A Whole Life Policy could be used for Final Expenses, legacy for family members or beloved ones, or as estate to business or debt.
Some Whole life policies, depends on age and coverage amount requested, would require the insured to go for a medical exam or blood work. In other instances, the insurance company would instead rely on the MIB and Rx reports.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
