Guaranteed for as long a you pay your
premiums. Some whole life products will pay up at age 95, 85
etc. There are also whole life products that will give you a
paid up policy in 10 years and 20 years. All the regular whole
life products have Non Forfeiture Values (reduced paid up
value, extended term value and cash value) which are guaranteed
and stated in the policy. The Non Forfeiture Values build in
value according to how long you paid premiums and the age of
issue. You can exercise any of the Non Forfeiture Values at any
time if you have paid on the policy long enough for the values
to build. Note: If you have lost your policy check with the
company that issued the policy to get the policy information
even if you have not been paying the premiums and it has lapsed
for non payment. The policy may still have value.
If you have an old whole life policy
that you have not paid on in some time, you should check with
the company to see if there is any value left in the policy.
You may discover you are still covered for the original death
benefit if the policy option went to extended term when you
stopped paying your premium or you may have a reduced death
benefit under the reduced paid up option and/or you may have
some cash value left in the policy.
Simplified Life can be issued
from ages 15 days old up to age 85 based on which Simplified
Life plan you purchase and from which company you apply with.
Simplified Life applications have
limited health questions ranging from 4 to 5 questions.
Based on the type of Simplified
Life plan you select the questions about your health will range
from 2 years to 5 years. There are no physical exam required on
this type plan and the health questions are limited.
You can usually purchase a life
insurance amount (death benefit) of $1000 up to $50,000 based on
the type simplified plan you apply for and from which Insurance
Company.
The Insurance Company will in
most all cases order a MIB report on you (see
MIB on our Home Page for more
information about MIB). If it matches the information you
supplied them when answering the Health Questions they will most
likely Issue the Policy. Some Companies require a
telephone interview and in most cases the Agent can help you
with this ( make the call for you so you can do the interview)
at the time the application is taken.