Buying a Whole Life Insurance Policy

Remember the more complicated the life insurance policy gets, the more you will find yourself relying on your agents to explain and help you. It is difficult to compare whole life insurance policy with other life insurance policies because they are complex.

Some basic questions to ask your agent to guide you through the process are:

• How much will this life insurance policy cost me each year
• How much is the Sales commissions
• How much am I charged for Administrative fees
• What is the future life insurance cash value
• How much will I pay for penalties for an early surrender of this life insurance policy
• When do the penalties stop for early surrender
• What is guaranteed in this life insurance policy
• Are interest rates declared monthly or annually
• How long should I plan to keep this life insurance policy
• Should I keep it for a few years or for decades

Take your time to decide before you sign any forms and talk to one other person in your family or a friend.