A 10 pay whole life plan is a variation of whole life insurance in which the insured is being provided with a policy that is paid up for life with only 10 years of premium payments. The permanent life insurance plan is good for certain individuals as it features lifetime insurance coverage, the guarantees of a whole life plan, cash and loan values, reduced paid-up insurance options, and good dividend accumulation.
For many, life insurance is a type of safety net for family solely dependent on the main breadwinner; someone whom, if they were unable to work, or had their life cut short, would make it very difficult for their dependents to carry on. Life insurance can be the foundation for a family’s financial protection.
Why some people choose to participate
When shopping around for an insurance policy that you feel will best serve your needs, you may like the fact that the return is a little higher with a 10 pay policy than with most traditional life policies. You may also prefer that the policy is modeled in such a way that you don’t have to make payments for the rest of your life. Still, while some people don’t agree it is the best way to invest money, you do get all of the advantages that come with purchasing a life insurance contract.
A question that is often asked is, why would you choose to pay premiums in a 10 pay whole life policy rather than pay the premiums over your lifetime? The answer is quite simple. Some individuals during their peak income-earning years may be in a more comfortable position to pay the significantly higher premiums of a 10 pay whole life plan rather than pay lower premiums throughout their retirement until age 100 or beyond. That is what is required when buying a traditional whole life policy.
When you consider purchasing your next life insurance plan, consider if a 10 pay whole life plan is the right life insurance plan for you and your family. It has many benefits that could be the right plan to meet your specific financial needs.