Reader’s Question:

I was able to talk to an insurance agent from Jersey City, NJ he said whole life insurance is cheap and its better. How can you say that life insurance policy is a cheap life insurance?

Troy

Jersey City , NJ

Term life insurance is the most basic life insurance and is still usually the cheapest, but will expire on you after a prescribed term. It does not earn cash value over time, unlike whole life insurance policy.

Whole life insurance is cheap if you start at an early age, the younger you start the cheaper it would cost you. If you discover this just lately then decide now if you will acquire a whole life insurance or not, you cannot wait until you get old to get one for you it would cost you so much.

Other states observe a “no load” or “low load” policy, meaning the agents commission will not be charge to the policy holders premium rate. The insurance agent will still earn from you when paying directly to the agent, the corresponding rate will be base on their servicing rate table when the agent writes your policy.

Through a “no load” policy, for sure you will get a low cost whole life insurance policy while gaining your cash value rapidly. Try to inquire on your area by entering your zip code in the form found on this site and get to compare at least 5 rates from different companies before you buy anything.