Why You Should Reconsider Buying Whole Life Insurance
Whole Life Insurance
When it comes to life insurance, it is important to invest in the right one. But knowing which policies are best is not always easy to figure out. Oftentimes, people default to buying a whole life policy, mostly because they look and feel like the right thing to do. Unsurprisingly, they are not always the ones to buy.
Why It Might Not Be The Best Option
While these policies may look attractive from the outside, there are certainly some important drawbacks to be aware of before signing up. First, the guaranteed returns may seem attractive, as everybody loves guaranteed money. However, it is important to understand that these investment returns are low and may not provide you with what you were hoping for. This also leads me to discuss the fixed premiums. While they may never be subject to change, these payments are high for a reason, and it is not to help you. In fact, the odds that you lose money from these premiums are pretty high, so don’t be fooled by the enticing word “fixed.”
Insurance companies are also working to lure individuals to sign up for these whole life plans in order to make some easier money for themselves. That is, due to these fixed premiums and high premium payments, insurance companies and their workers are getting high commissions and collecting on the fees. On top of this, the plans are sometimes difficult to understand and comprehend. This leads to people buying a whole life plan, which they do not know enough about, and thinking it is the best plan for them. These are the problematic and dishonest practices used every day.
While whole life policies can make sense, it truly rarely happens. There are other policies out there that provide lower payments, better returns, and more general benefits for the buyer rather than the seller. Some of these policies are term life insurance, which can be a viable alternative to the whole life insurance options people are used to seeing. Don’t settle for paying more and receiving less. Look into your policy and ensure that you are putting your trust and money into something that makes sense for you.
Some of the major annuity and life insurance providers in California are:
- Aviva/Athene/Accordia Life Insurance Company
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Bankers Life Insurance and Casualty company
- Massachusetts Mutual Life Insurance Company
- Midland Life Insurance Company
- North American Company for Life and Health Insurance
- Pacific Life Insurance Company
- Prudential Life Insurance Company
- Genworth Life Insurance Company
- ING USA Annuity and Life Insurance Company
- Lincoln Benefit Life Company
- Metlife/Metropolitan Life Insurance Company
- Unum Life Insurance Company of America
- Voya/Reliastar Life Insurance Company
If you or a loved one has purchased and had trouble with a whole life insurance policy in California, contact the Evans Law Firm [insurance] fraud attorneys at (415) 441-8669, or by email at firstname.lastname@example.org. Our attorneys have experience with complex financial contracts, and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.