In the modern market, there are many different options to select from within the life insurance realm. You are no longer restricted to just picking up a whole life insurance policy. In fact, one option that many like to go for that is similar to whole life is something known as an endowment policy.
An endowment policy is like a whole life insurance policy in that you pay a monthly premium in order to be insured. However, with an endowment policy you are typically going to pay a higher premium than you would with a regular whole life policy. The reason for the steeper rate is that more of the money in the endowment policy goes directly toward building the trust that is waiting for your loved ones.
By purchasing an endowment policy you are basically purchasing a larger life insurance plan. You are saving more money for those who will receive the financial benefits from it. If you can afford the monthly increase in outflow of funds, then you should consider buying an endowment policy rather than the regular whole life policy.
For specifics on the exact amount of difference in premiums, contact one of your life insurance company’s agents.