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Finding the Right Whole Life Insurance Policy

Life insurance is one of the best ways to protect the financial stability of your loved ones after you pass away. In most cases, you'll have two main types of life insurance to choose from: permanent life and term life.

Whole life insurance — a type of permanent policy — may be an option for people looking for a death benefit in addition to a cash value component that can be accessed while they are living.

Whole Life Benefits 

Whole life insurance includes a few benefits that those in the market for a policy might find attractive:

  • Lifetime coverage – Term life insurance expires after the agreed-upon term ends. If you outlive your policy, your designated beneficiaries don't receive a payout. If your policy can be renewed, it may be more expensive. Whole life insurance stays in effect for your entire life. This can give you and your loved ones peace of mind that the policy will be there when you pass away (as long as you pay your premiums).
  • Level premiums – Whole life insurance policies have level premiums, meaning your monthly payments won't increase over time. Some term policies may be written with premiums that increase at different intervals.
  • Cash value – Unlike term plans, whole life insurance policies accumulate cash value over time. A portion of your premium goes towards a savings component. It can be borrowed against for a loan, used to pay premiums or cashed out when you surrender the policy. These policies guarantee a certain rate of return.

Do Your Homework

As with any major purchase, it's important to do your homework when trying to find the right whole life policy. Look around for reputable life insurance companies and compare their products. Determine what benefits you need and how much you can afford in premiums.

 

Before committing to a policy type, it’s best to speak with a licensed insurance agent to go over the fine details and weigh your options.Call a licensed agent at 1-800-966-7169, or read through our guide, How to Define Whole Life Insurance, to learn more. 

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected. 

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