When shopping for forester life insurance you may have seen some of the whole life insurance plans available and wondered if one of these plans may be right for you. Here are some things you may want to know about these plans.
Whole life insurance, as the name suggests, is designed to cover the insured party from their enrolment date throughout their life. As long as regular premiums are paid up to the maturity date or the insured’s death, the coverage will remain.
Face value is the amount that will be paid to the beneficiaries upon the insured’s death. There may be several face value options to choose from depending on your plan.
Cash value is the value of your policy based on the premiums paid vs. the premiums expected as future payments. If the insured still lives when the maturity date of a policy has been met, usually around 95 to 100 years, the company may pay the cash value to the policy holder.
There are many whole life plans available with the forester life insurance options available. If one of these plans seem right for you it’s best to talk to a professional to get a quote and have any other questions answered.