Film studio of DreamWorks reported about their intention to insure Stephen Spielberg’s life for 1, 2 billion dollars. But it occurred to be absolutely impossible to find a reliable insurance company, which could issue the policy for such a great sum. The CEO of DreamWorks, when he failed to find suitable insurance company in America, has finally chosen one of well-known British insurance companies.
Representatives of a film studio explained, that the huge sum of insurance, if Spielberg dies all of sudden, is not a whim or some advertizing course. It is a necessity, because Steven is the co-owner of DreamWorks. The film company will suffer from the enormous losses in case of his death so it is even too small to get such coverage because Steven’s life is too precious for their company.
Not many people in USA and all over the world can get the policy of several billion dollars. Even if you are not so famous and extravagant as this moviemaker, still you can make a profitable deal with the insurance agent.
Whole Life Insurance – Study and Put into Practice
“Whole Life Insurance” is presumed for planned accumulation of money; compensation of financial problems, occurred when some harm to health was done. It is material support of relatives in case of a sudden death too. The insurer (or the insured person) regularly pays premiums, which are accumulated and invested during the certain period. If it goes about “whole life”, then the insurer makes payments periodically during his life. Insurance of this type has no expiry date. The insurer can stay alive not for long or live for 30-40 and more years – in any case he will get the coverage. The saved-up sum is paid to the insurer or his beneficiary, chosen by him (for example, a spouse or one of the close relatives) after a loss occurrence (or the occurrence of so called “insured event). To insured events belong not only tragic situations as death or disability of the insurer, but also an infliction of harm to health (like accidents).
Whole life insurance is a possibility for a policyholder to provide his family for everything (temporarily or constantly). Family members won’t lose their level of wealth. They can live in the same house and attend the same University.
As getting whole life insurance policy is actually making a deal between the insurer and insurance company, it has some certain rates.
The Price of Protection – Whole Life Insurance Rates
Every bargain should be considered in advance. It is necessary to compare and calculate everything and find the appropriate insurance quotes to get the rates that an insurer is ready to pay. As whole life insurance policy presumes paying the bills during a long period of time, of course, it is desirable to find best whole life insurance. But what kind of rate can be called the best? Very often clients think that cheap whole life insurance is the best one.
The truth is in the middle and is hard to be figured out. Cheap is not the best. But high price can’t guarantee the quality as well.
Cheap whole life insurance is a little exaggeration. As “whole life” is measured in decades, then it can’t be cheap. If the insurer dreams to make rates less, he can simply get term life insurance. But in this case the expiry date is much closer.
If you still dream about cheap whole life insurance, then find a cheap company. It is necessary to compare them. Of course some of the companies will be more expensive and some – less. If you choose insurance company with small rates, try to learn everything about its reputation. Sometimes free lunch turns to be not tasty at all, you know.
The other insurers dream not about the cheapest, but about the best whole life insurance rate. When you have chosen the company with great rates, first of all pay attention to its financial stability. Whole life period is measured in decades, so the more reliable and old the company is, the more stable it is. Then pay attention to the situations, when this company provides its clients for the coverage. Is this system flexible? Can representatives of this company understand the point of view of the client? Is it possible to return your funds in case of cancellation of the deal or at least a part of them? Look for the answers to all these questions before you sign a bargain.
So, what amount should an insurer have, if he wants to get whole life insurance policy? In general it is very hard to define the rate you will pay. It depends on your age and the state of your health. For example, 30-year old person, healthy and non-smoking, will pay about $60 per month. The rates for whole life insurance policy are calculated individually. If you are older than 60, ask in advance, if the company you work with, deals with the clients of this age. Many insurance companies limit the age of potential policyholders because the risks are too high in this case. It is better to take an interest in life insurance policy in advance, when you are still young, because the rate appears to be much cheaper in this case. If you get this policy in advance, it will give you numerous benefits.
Benefits of Whole Life Insurance
Whole life insurance gives its owner some privileges. Basically these benefits can be united into two groups.
- Realization of the first group of benefits allows coping with the problem of ineffective system of the state control in the area of social help. There are different state programs, the task of which is to help the victims of accidents and other kinds of disasters. But these programs are too difficult to use in practice. But insurance policy is a guaranteed amount that you will get in case of trouble. Besides the other aim of getting this policy is in accumulation of certain sums of money. Getting whole life insurance policy is not a lottery, it is an investment. And you won’t lose your funds in case of inflation.
- The purpose of the second group of benefits is the protection of financial interests of the insurer (or the insured person) in case of death. It gives an opportunity to care about loved people even after the disaster. It is the way to show your responsibility in front of your family.
To conclude, whole life insurance policy is not the question of superstition or lottery, it is the question of responsibility in the modern world.