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116: How Whole Life Insurance is Predictable and Flexible
Strategic Whole Life by Infinite Banking Authorized Practitioners
The Stability of Whole Life Insurance: A Comparison with Fixed Mortgages
Whole life insurance provides a guaranteed fixed premium for the life of the policy, akin to a 30-year fixed mortgage that offers stability and predictability in payments. This type of insurance is recognized as a unilateral contract, meaning once issued, the terms, including premium costs, cannot be altered by the insurance company. Unlike adjustable-rate mortgages, which can fluctuate in cost, whole life insurance ensures that policyholders won't face unexpected premium increases, thereby safeguarding long-term financial planning. This contrasts sharply with universal life insurance, which lacks the same permanence and predictability due to rising costs over time. A whole life policy is the only type that combines a guaranteed premium with an increasing cash value, making it essential for buyers to approach life insurance with the same mindset as securing a stable mortgage for a long-term investment.
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