Why Should I Have Whole Life Insurance?
Whole Life Insurance or Final Expense Life Insurance is an important tool to help you and your loved ones manage your wealth. It ensures that your family will not be burdened by your funeral costs, medical bills, and final expenses if something should happen to you. These policies are small, affordable policies that are meant to help people who live on a fixed income such as social security, disability or even disabled veterans.
How Long Will the Whole Life Insurance Policy Last?
Whole life insurance, also known as “cash-value” insurance is a basic and consistent type of permanent life insurance which remains in effect your entire life at a level premium. A portion of your premium that you pay each month goes into a reserve fund called ‘cash value’ that builds up over the years your policy is active. Your reserve fund grows tax-deferred and you can even borrow against it.
Will the Amount I Pay Ever Increase?
The type of whole life insurance we recommend you purchase through our network of the best life insurance companies guarantees that your premiums remain the same over the life of your policy. Some popular insurance companies that offer online life insurance quotes like Colonial Penn, AARP Life Insurance, or Globe Life offer a great rate to start but then charge more as you get older, reduce your benefits or your policy simply ends once you reach a certain age. With our recommended top life insurance companies you’ll never have to worry about your premiums going up or the benefits going down or being canceled due to age.
Are There Other Ways to Purchase Whole Life Insurance
You may have the option of obtaining whole life insurance paid up at age 65 which means that you only make premium payments until you reach age 65, then your coverage continues for your whole life and the death benefit is guaranteed to your loved ones. You also have single premium options — paying all of the premiums at once with a single lump sum. By taking advantage of this option, your cash values will grow to equal the amount of the death benefit when you turn to age 100.
No Exam Life Insurance
Buying a Guaranteed Issue Life Insurance policy has never been easier. Guaranteed Issue Life Insurance policies are no medical exam life insurance policies and have no medical questions which make for a makefile process for a quick issue.
Special Rate Offer
We have an exciting offer true Guaranteed Issue Life Insurance program from William Penn Association that is available for issue ages from 56-90. The coverage is a limited amount of true guaranteed life insurance with immediate coverage at standard rates. That means that unlike Gerber Life Insurance, Globe Life Insurance, Colonial Penn or any company offering guaranteed issue life insurance that you would find on SelectQuote, there is no 2, 3 or 4 year waiting period for benefits to be in effect, the full immediate death benefits of the policy will be paid out to your beneficiary for any cause of death from day one when the policy is active, limitations on suicide may apply.
Whole Life Insurance and Financial Planning
Whole life insurance is most suitable for you if you want to
- use it as a tax and estate planning tool- see our financial planning calculators
- accumulate cash value that you may use for a child’s education or retirement,
- pay medical, funeral and final expenses,
- provide money for a favorite charity,
- setup a Buy-Sell Agreement Life Insurance plan for your business
- provide key person protection in a business or partnership situation.