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Whole Life Insurance Quotes

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If you have a family that would be in financial trouble if you were to die, then you need to consider purchasing a whole life insurance policy. Before deciding on the best policy for your situation, you need to compare the options available from top life insurance companies. Visit NetQuote to get FREE, no-obligation whole life insurance policy quotes from leading insurance providers today!

A whole life insurance policy gives you coverage for your entire life, as long as you keep paying the premiums. This is different from a term life insurance policy which offers coverage for a specific number of years. Therefore, a whole life policy is a great way to provide financial security for your family for a long time, rather than just a set time frame.

Whole life insurance policies accumulate a cash value so that if you ever discontinue the policy, you may be eligible to receive a cash payment. A portion of your premium goes towards the cash value of your policy, and the interest rate is a fixed, guaranteed amount. This means that your whole life policy's cash value is predetermined and grows according to a set schedule. As long as you keep paying the premium, and don't take any loans out against the policy, the cash value amount will grow at a predetermined rate. This gives you the ability to do some financial planning using this amount, should you cash out the policy in the future for retirement use.

Whole life insurance policies may also pay dividends. This means that you may receive a dividend when the actual life insurance costs are lower than the amount you paid. Not all whole life policies offer this feature, but it is one thing to be aware of as you compare your options.

A whole life policy has a maturation date, which is the date upon which the cash value amount equals the face value of the policy. Once the maturation date is reached, the policy pays out, even if the insured is still alive. Traditionally, the maturation date has coincided with the insured's 100th birthday, though recently this age has been increased by some coverage providers to age 125, due to increased life expectancies.

Once you have a whole life insurance policy, the premiums you pay will be the same for the rest of your life. No matter how old you become, or how much your health may deteriorate, the amount you pay for life insurance will never change. Generally, the younger you are when you start a whole life insurance policy, the lower your premiums will be.

Please see the below table to compare the three main types of life insurance policies - term, whole, and universal. This table quickly shows the key differences between the three policy types, which allows you to see which best fits your financial needs. Regardless of what your financial goals are, there most likely is a life insurance policy that will work hand and hand with them.

Visit NetQuote to get FREE, no-obligation quotes from leading insurance providers for whole life insurance policies to see if they are the right choice for you!



Life Insurance Types Compared


Term* Whole** Universal***
Fixed Premiums - The amount the insured pays for coverage does not change as long as the policy is in force. The premium is set when the policy is started, and that amount is paid each month, quarter, year, etc. (depending on the payment interval chosen). checkmark checkmark no-x
Variable Premiums - With a universal policy, there are no fixed premiums. Generally, you pay what you want, when you want. Insurance company premiums are withdrawn from the cash value of the policy. Therefore the insured must maintain enough cash value to cover premium expenses, or the policy will lapse. The flexibility of premium payments makes universal policies better investment instruments than whole life policies. There are IRS regulations regarding amounts paid to universal policies, so the insured must be aware of these federally mandated limits. no-x no-x checkmark
Fixed Death Benefit - The amount that will be paid upon the death of the insured, assuming the life insurance policy is in force, will not change during the duration of the policy. The death benefit is the same if the insured dies 6 months after the policy starts, or if they die 6 months before the policy terminates. checkmark checkmark no-x
Flexible Death Benefit - With universal life, the death benefit may be changed by the insured. However if it is increased, a current medical exam may be required. Also, many coverage providers allow flexibility in death benefit options (discuss the options with the provider to better understand what is available). no-x no-x checkmark
Permanent Coverage - As long as premiums are paid, coverage will be maintained. no-x checkmark checkmark
Temporary Coverage - Term life insurance is in force for a set period of time, such as 10, 20, or 30 years. The insured chooses the time period when setting up the policy, and the policy remains in force during this time period as long as the premiums are paid. Once the time period is up, there may be several options to convert it to permanent coverage. There may also be a conversion option available throughout the term of the policy. checkmark no-x no-x
Maturation - Whole life insurance policies are said to "mature" when their cash value equals the face value of the policy. Once a whole life policy matures, it pays out its death benefit (which is really its cash value upon maturation). Most whole life policies are designed to mature when the named insured is 100 years old, though policies maturing at age 125 are becoming more popular due to increases in life expectancy. no-x checkmark no-x
Price - Typically, term life insurance is the most affordable coverage, followed by universal life, with whole life insurance being the most expensive. cheap expensive moderate
Cash Value - An investment account that grows over time. A portion of the premium for whole life goes to cash value, while all of the premium for universal life goes to cash value (less any front-end loading, if applicable, and provider fees/costs are taken from the cash value amount). At any time, an insured may cancel their policy and claim its cash value, less any surrender fees. Or, a loan might be able to be taken out against the cash value amount. In addition to these options, a universal policy gives a withdrawal option where funds from cash value can be taken out to never be repaid, reducing the cash value amount. no-x checkmark checkmark
Interest - The interest rate at which the cash value of a whole policy grows is a guaranteed, fixed amount. Universal policies guarantee a minimum interest rate, with the possibility of an increased rate that is tied to the stock market. Your universal policy's interest rate will never fall below the guaranteed level, with the possibility of actually getting a higher rate, depending on market conditions. no-x checkmark checkmark

* Term Life Insurance - Term life policies are generally used as a tool to provide financial protection for a set period of time, which usually corresponds to a life event. For example, if the insured has a 30 year mortgage, they might want to carry a term policy of equal length so that their mortgage is paid off should they die. Or, a person may have a term policy equal to the length of time they plan on working, so if they were to die, their surviving family members would not be without a source of income.

** Whole Life Insurance - Whole life policies are for people that want a permanent solution that gives them a guaranteed death benefit and a fixed rate of growth for cash value, while maintaining a fixed premium. A whole life policy can be used as both a way to guard against loss of income should the insured die, but also as an investment platform should the insured live a "normal" length of time.

*** Universal Life Insurance - Universal life policies are permanent coverage solutions designed to provide coverage for the entire life of the insured, with an investment component available. They are a bit different than whole life policies in that there is more flexibility in the way premiums are paid, and there is the possibility of getting a higher interest rate than the guaranteed rate.





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