What is Whole Life Insurance? (Permanent)

what is whole life insurance?

Assurance Life gets this question a lot – What is Whole Life Insurance? Whole life insurance is a life insurance policy that provides protection for a lifetime and often used to protect someone from costly funeral expenses. This is your best option if you are wanting a life insurance policy to cover you for your whole life. Whole life insurance is also called permanent insurance because whole life insurance is good for your WHOLE life.

This assumes you continue to pay your monthly premiums. Whole life insurance can also be called burial insurance, funeral insurance and final expense insurance. Most whole life insurance policies range from $5000 to $50000 and are some of the easiest life insurance policies to get approved for. All whole life insurance companies have simple applications with standard yes or no questions. Hopefully, after reading this article you will be able to answer the question, What is Whole Life Insurance? So let’s dive in.


Benefits of Whole Life Insurance


  • Policy is good for your WHOLE life
  • Policy can’t be cancelled due to your age or health
  • Policy builds cash value over time
  • Simple application and approval process
  • Affordable rates & plans
  • Your monthly premium will NEVER increase
  • Your death benefit will NEVER decrease

Term vs. Whole Life Insurance

Now that we have started to help you answer the question- What is Whole Life Insurance?- Let’s compare whole life with the other common type of insurance called term insurance.  Some people want to know- Which is better term insurance or whole life insurance? This really depends on what season of life you are currently in. Term insurance is normally purchased from the ages 30-60 years old.

Typically, younger families who want to protect their family from a financial hardship in the case someone were to pass away unexpectedly. Most just want to make sure the house, debt and the children are protected in a situation like this. Term insurance does cost less than whole life insurance but term insurance expires at some point or better yet it terminates. So term insurance is not a good solution if you are wanting protection for you and your family for a life time.

Whole life insurance is a great option if you are looking for life time protection. Once again, as long as you make your premiums payments your policy will protect you until you die. Final expense insurance is often purchased from individuals who are ages 50-85. However, Assurance Life does assist a ton of parents and grandparents with children’s whole life insurance policies as well. Whole life insurance is often purchased just to cover someone’s end of time funeral expenses.

We do occasionally have clients who want to leave a legacy policy behind for a loved one and Assurance Life can help assist you in that also. Once again, what is whole life insurance? Whole life insurance = Piece of mind.

How to find the best Whole Life Insurance Quotes?


Assurance Life always recommends to use an independent broker when shopping for whole life insurance quotes. Independent brokers like Assurance Life have access to numerous companies so finding the best price is never an issue. Most importantly, your health often determines how much you will pay for life insurance. This is why having multiple companies with completely different underwriting guidelines is a must. Its important to NOT use ONE company who only has ONE plan to offer. Assurance Life has access to over 25 of the best whole life insurance companies in the US.

We truly enjoy helping individuals protect themselves and their families from the unexpected. Call us today at 800-517-0810 and one of our licensed specialists will be happy to assist you. Our agents are committed in finding you the best whole life insurance quotes and the best policy that fits your specific health conditions. Allow us to explain to you again, what is whole life insurance and how it will protect you and your family.

What Whole Life Insurance Plans are available?

Here are the most common types of whole life insurance plans available:

  1. Level Coverage
  2. Graded Whole Life Insurance
  3. Modified Whole Life Insurance

Preferred coverage is the best coverage available when dealing with whole life insurance plans. It always the cheapest priced plan available and your coverage is immediate which starts Day One. Graded whole life insurance coverage only pays partial amount of the death benefit during the first two years if you were to pass away. Guaranteed issue whole life insurance plans are for those with severe health issues. All modified whole life insurance plans have a mandatory 2 year waiting period before the full death benefit is paid out. Of course, if you were to die accidentally any of the types of whole life insurance policies would pay out without having to wait for your waiting period.

Who are the Best Whole Life Insurance Companies?


When customers ask What is Whole Life Insurance?- one of the other concerns is what company is best for whole life insurance. Assurance Life works with 25 of top whole life insurance companies in the US. You might ask why do you have so many companies you work with? Its really simple. Each whole life insurance company will view your health conditions completely different. So each company will have different underwriting guidelines which in turn could greatly affect how much will pay and also what type of coverage you will qualify for. This could mean having a whole life insurance policy with a waiting period or not having a waiting period.

*** 90 percent of our clients are approved for level coverage which is immediate coverage with LIFE INSURANCE NO WAITING PERIOD. So having access to so many companies allows us to find the exact match for your specific current health conditions. Often, we can find a company who will accept your conditions freely were some other companies would not. This is the power of having multiple companies under your belt. Ok, let’s get back to the best whole life insurance companies. Of course, we have our favorites. Here are a few whole life insurance companies that we enjoy working with:

Mutual of Omaha– United of Omaha Life Insurance

Founded in 1909
Headquarters – Omaha, NE
A.M. Best Rating – A+


Mutual of Omaha was established in 1909. First licensed in Nebraska under the name Mutual Benefit Health & Accident Association. Merged with Omaha Heath & Accident Association in 1918 and grew the company in the 1920’s to offer insurance in 15 states. In 1950 company shortened name to Mutual of Omaha and put in place their famous logo which is still used today. Introduced Mutual of Omaha’s Wild Kingdom Television program in the 1960’s which ran for over 25 years. Later brought back in 2002 with a new series on Animal Planet. Mutual of Omaha currently has over 5000 employees with over 38.5 billion in assets. Fortune 500 company with currently over 4 million policyholders. Mutual of Omaha is definitely one of best burial insurance companies to work with.



  • Competitive underwriting for most minor health issues
  • Aneurysm/Circulatory Disorder not on application
  • Diabetes (if diagnosed after age 50)
  • Sleep apnea
  • Favorable Medication List


  • Face Amounts up to $40,000
  • Accelerated Death Benefit Rider
  • Age coverage 45-85
  • Easy online application process
  • Often best priced burial insurance option
  • Excellent rates for ages 80-85


Level Benefit Plan:

  • Death Benefit: 100 %
  • Issue Age: 45-85
  • Face Amounts: $2000-$40,000 (in WA -starts at $5000)
  • Standard Tobacco/Nontobacco
  • Available in ALL 50 States
  • Easy Online Application – ONLY Sold through Agencies
  • Underwriting Requirements: Height/Weight Chart, MIB, Pharmaceutical Check
  • Accelerated Death Benefit Rider

Graded Whole Life Insurance Plan:

  • Death Benefit: First 2 years, premiums paid plus 10 percent. After 2 years, full benefit is paid.
  • Issue Age: 45-80 (50-75 in NY)
  • Face Amounts: $2000-$20,000 (starts at 5,000 in WA)
  • Standard Tobacco/Nontobacco
  • Available in ALL States except AR, MT and NC
  • Underwriting Requirements: Height/Weight Chart, MIB, Pharmaceutical Check, random phone interviews

Sample Mutual of Omaha Rates


AIG – (American International Group)

Founded in 1919
Headquarters – New York City, New York
A.M. Best Rating – A


  • No Health Questions
  • Acceptance is GUARANTEED


  • Face Amounts up to $25,000
  • Age coverage 50-85
  • Easy online application process
  • Chronic Illness Acceleration Benefit
  • Low Premiums for Guaranteed Issue

Brief Company History of AIG

American International was founded in 1919. AIG is the 87thlargest public company in the world with over 50,000 employees. Currently AIG headquarters is in New York City but have offices in over 80 different countries. AIG has total assets totaling over 498 billion reported in 2017. AIG is definitely our best burial insurance companies for guaranteed issue.


Guaranteed issue Whole Life Insurance

Guaranteed Issue Plan:

Death Benefit Burial Insurance: 2 year waiting period – 110% of premiums paid within first 2 years. Full death benefit paid after 2 years. (Accidental Death full face amount)

  • Issue Age: 50-85
  • Face Amounts: $5000-$25,000
  • Available in 49 States (Not available in NY)
  • Easy Online Application
  • Chronic Illness Acceleration Benefit

Sample AIG rates


You started out wondering What is Whole Life Insurance?  Hopefully now you understand Whole Life Insurance and the best place to get your free quote. Assurance Life is committed to helping you find the best whole life insurance policy to protect you and your family. Regardless of your current health conditions, we have plans for the super healthy and the unhealthy. In fact, we have some whole life insurance companies that don’t even ask any health questions.

We do this everyday and we take pride in assisting individuals with their end of time planning.  Call us 888-510-1381 and one of specialist will be glad to answer any questions you may have.