Whole life insurance is a great life insurance product to buy if you are looking for lifelong protection to cover your final expenses. This lifelong protection provides peace of mind for you and your family members at a time when you really need it the most. So how do you find the best whole life insurance policy? First, let’s take a look at the pros and cons of whole life insurance and then we will tell you where to find the best policy.
Pros of Whole Life Insurance
- Whole life insurance is permanent insurance
- Whole life insurance builds cash value
- Whole life insurance can’t be cancelled due to your age or health
- Whole life insurance is good for your whole life
- Whole life insurance death benefits never decrease
- Whole life insurance premiums never increase
- Whole life insurance policies include living benefits
- Whole life insurance plans have a limited pay options as well
- Whole life insurance cash value amounts grow tax deferred
Cons of Whole Life Insurance
- Whole life insurance has higher premiums since it lasts your whole life
- Whole life insurance has surrender fees if you cancel your policy
- Whole life insurance takes years before building any cash value
How do you find the Best Whole Life Insurance policy?
First, it starts with finding an independent agency like Assurance Life. Assurance Life is appointed with several whole life insurance companies so having multiple companies is a huge advantage for you and us. This allows Assurance Life to shop all of our companies to find you the cheapest whole life insurance plan around. Simply, working with an independent agency gives you more options and Assurance Life will work hard to find you the right plan based on your health conditions. As an independent agency we aren’t married to one life insurance company. So we can actually place you with the RIGHT company that matches your current health situations. This is important because the RIGHT policy is often the best price. Its also very important to not use ONE company that ONLY offers ONE plan.
Why is Whole Life Insurance more expensive than Term Insurance?
Whole life insurance plans have higher premiums for coverage than term insurance. Why is this? Simply, because all term policies terminate, they expire. If you take out a 20 year term policy, your policy expires after 20 years. Whole life insurance never expires and lasts for your whole life. So since your whole life insurance policy lasts until you die, then of course this type of insurance plan would be more expensive. Also, whole life insurance just isn’t a life insurance plan. When you make your monthly premium payments part of premium is going toward life insurance and the other part is being invested. This invested amount builds over time and is called cash value. If you are looking for the best whole life insurance policy call us at 800-517-0810 and one of our specialists will assist you.
What is Single Premium Whole Life Insurance?
Single premium whole life is a type of whole life insurance that is paid upfront with a large lump some of money. You receive all the same benefits from a traditional whole life insurance plan and the death benefit is paid to beneficiary tax free. However, instead of making monthly premium payments for the rest of your life, single premium is just one single payment upfront. Great option for those who have money sitting around and would like to leave some monies behind for a loved one or charity of their choice. Single premium whole life insurance plans are excellent way to start a children’s whole life insurance plan as well.
What is Limited Pay Whole Life Insurance?
You still receive lifetime protection as in all whole life insurance plans, however limited pay whole life allows you to choose a payment schedule for a limited amount of years. Most common would be 10 year pay or 20 year pay. Obviously, the benefit here is paying your monthly premium for less time however just know that your premium payment will increase since your payment schedule will be reduced. Very similar to single premium whole life insurance, great financial decision if you can afford the increase premium amount.
Is Whole Life Insurance only for Seniors?
Assurance Life can offer whole life insurance plans from 14 days to 85 years old. Infants to seniors no problem with us. In fact, we help parents and grand parents with children’s whole life policies all the time. Of course, the best time to purchase life insurance is when your young and healthy. Plus, when you purchase whole life insurance in your younger years you are locking in the lower premiums, which will never change. Life insurance premiums are a direct result of age and health. The younger you are, the lower your life insurance rates be will. Another thing to note, by purchasing life insurance when you young and healthy, you don’t have to worry about being turned down for life insurance later in life. Just knowing that you can’t be turned down is peace of mind all in itself. Final Expense insurance can’t be cancelled due to age or health and once again your monthly payment will never go up. Whole life insurance is definitely a type of life insurance that is easy to budget for since your payments are locked for life.
So how do I purchase Whole Life Insurance?
Well, you can request an instant whole life insurance quote or call us at 800-517-0810 and one of licensed specialist would be gladly to assist you. After the initial contact with one of our agents, we will then ask you some basic health questions, nothing to specific but enough for us for figure out which whole life insurance companies would be the best fit for you. After we have landed on the company, the application is short and sweet. The entire process won’t take more than 15 minutes. Plus, most companies that Assurance Life works will give us an instant approval over the phone. Don’t worry about your current health conditions even if you have some things going on. We actually have a few companies that don’t ask any health questions on their applications. So no worries, we got you covered! Call us now at 800-517-0810 so we can find you the best whole life insurance that will protect you and your family.