Puritan Life Insurance Reviews
Life Insurance Products from Puritan Life Insurance Company of America
If you prefer doing your research and shopping online, you may have a little trouble with Puritan Life Insurance. Their website offers little detail on what they include in their products. If you want to compare rates or conditions, you’ll have to contact the company or work with a licensed agent. This can make comparison shopping more difficult. That being said, they do offer whole life insurance policies – and here’s what you need to know.
Whole Life Insurance
Whole life insurance is a permanent policy that provides a death benefit as well as accumulates cash value. The premiums for any permanent policy are more expensive than term life insurance because they are split to cover the cost of insurance and add value to your cash value, which acts like a savings fund.
Your cash value account grows with each premium payment and accrues interest at a higher rate than a standard bank savings account. Once the cash value reaches a certain value, you can access it. Potential uses include a rainy-day fund, retirement income supplement, or covering large expenses like college education.
It’s important to note that funds borrowed from your cash value account should be replaced if you want the full value to pass onto your beneficiary when you die. If a larger death benefit is not of importance to you, then you may not need or want to replace those funds. You should always consult your financial advisor when making decisions about the cash value component of your policy.
Puritan Life Insurance provides a list of notable benefits of their whole life policy. These include the ability to insure two people under a single policy. There is also no required in-person medical exam, which can make the process of getting covered faster and easier than with insurers who require a full medical exam for underwriting. You can learn more about no medical exam life insurance here – with the option to get a free quote.
Want a free quote for whole life insurance? We can help – it’s fast, easy, and free.
