Whole Life Insurance

Whole life insurance is a form of permanent insurance which combines a life insurance policy with a savings plan. Because whole life insurance has a cash value, it is a great addition to a long-term financial plan, and can be used as a way to save for future expenses, including a mortgage, future living expenses, tuition, and personal or business loans, while providing the financial protection of life insurance for families and dependents at the same time. The policy terms are fixed at the time of purchase and they remain the same over the life of the policy, making it a cheaper life insurance policy in the long-run.

What Is Whole Life Insurance?

Unlike term life insurance, which expires at the end of a preset term, whole life insurance remains in effect even after the policy has been paid in full. The death benefit remains in force until it is claimed by the beneficiaries or the policyholder redeems the full cash value of the policy. In most cases, whole life insurance is the best value for individuals under 50 years of age, since premiums are based on the age of the insured person and older individuals pay much higher life insurance rates.

Whole Life Insurance Premiums

Many term life insurance policies have premiums which may increase over the term of the policy, particularly as the risk of an individual increases. Whole life insurance has a fixed premium which never changes during the payment term, so no adjustment needs to be made to monthly budgets.

People who have difficulty saving money every month will find that whole life insurance is a good way to save for the future. Since the money is already earmarked for the insurance, there is no temptation to spend instead of save, and the benefits are apparent. Policyholders are able to retire with a nice nest egg that has steadily been earning interest and growing over the years.

Whole Life Insurance Rates

The premiums on whole life insurance are considerably higher than those of term life. Term life insurance expires, and the insured person receives nothing at the end of the term. The higher premiums of whole life provide permanent life insurance that can never be cancelled, as well as a cash value which can be redeemed or used as collateral for a loan.  Whole life isn’t just another life insurance policy, it is also a savings plan which has value to the insured over the life of the policy.

Who Should Consider Whole Life Insurance Policies?

Whole life insurance is good for most families with growing children. Some parents or grandparents buy whole life policies as gifts for children when they are born, since the policy will provide the child with a nest egg when he reaches a certain age.

Life insurance rates depend on the age of the insured person when the policy is written, and the rates for whole life insurance on children and young adults are relatively low and very affordable. It is easy to compare the rates of whole life policies with TheLifeInsuranceQuote.com – we offer free online quotes.

Whole Life Insurance Quotes

For multiple free whole life insurance quotes, simply enter your 5-digit zip code. TheLifeInsuranceQuote.com provides consumers with life insurance quotes from the best life insurance companies in the U.S. By comparing online quotes, policyholders can find the best, affordable life insurance rates on policies that best meet their needs.

Enter your zip code now to begin a free, instant life insurance quote online and find the best whole life insurance.