Whole Life Insurance Quotes Online

Whole Life Insurance Overview:

When many people shop for life insurance rates, they often look at term life insurance policies. Although term life insurance is very popular, many insurance shoppers find that whole life insurance is a far better option. This option provides lifelong benefits, monetary value and more, and there are plenty of different companies and plans out there for you to choose from. By learning a bit more about whole life insurance, you might discover that it is the best life insurance option for your needs. Otherwise, you can look into other policies that are available. Regardless, there has never been a better time than now to start shopping for a policy.

What is Whole Life Insurance?

Unlike some other types of insurance, whole life insurance covers you for your entire life. You don’t have to worry about it expiring at the end of a set term, and you also don’t have to worry about renewing unless your policy lapses. Instead, you can count on your whole life insurance to cover your funeral costs and final expenses when you pass away, and any other money will be available for your beneficiaries.

Whole life insurance has a few other differences from term life insurance. Many savvy shoppers find that it is the best option for their needs. Not only is it a solid decision for your family’s future, but it can benefit you in the meantime as well. If you are looking for a way to protect yourself and your loved ones while enjoying shorter-term advantages, whole life insurance just might be the right choice for you.

Whole Life Insurance vs. Term Life Insurance

With term life insurance, you purchase a policy for a set length of time. After this time period, you will no longer be covered. Term life insurance policies typically expire after 20 years or so, although this time period does vary based on the individual policy. Whole life insurance, however, never expires as long as you make your payments.

Here are a few unique differences that you should know about when comparing these two popular types of policies:

  • With whole life insurance, you don’t have to worry about ever having to renew your policy. Term life insurance expires after a certain period of time, and the rates could be exponentially higher due to age; in fact, many people see their policies increase by 10 times or more. Once you have purchased a whole life policy, however, you don’t have to worry about rates changing for the rest of your life.
  • A whole life policy is an investment. In fact, it will accumulate a cash value over a period of time. Many insurance companies guarantee a certain return, and you can enjoy the benefits of investing money in stocks and more without having to take a risk and without having to go through the hassle of doing it yourself.
  • If you have health issues and are worried about an exam, you can still get whole life insurance. Although no exam policies are generally for smaller face values, you can still be covered up to a certain amount by simply answering a few health-related questions.
  • You can actually borrow money off of your policy. What a lot of people don’t realize is that you can borrow money for college expenses and more directly from your policy. You will first have to wait for your policy to mature, which takes between five and 10 years. Afterwards, you can borrow it at a competitive interest rate. In some cases, you don’t even have to repay the money; instead, it will be subtracted from your death benefit.
  • When you sign up for a term life policy, you run the risk of not being covered if you outlive the policy. This is never the case with whole life insurance, however. You will be covered until the day that you die as long as you keep your payments up.

As you can see, there are quite a few good reasons to consider whole life insurance rather than term life insurance. Although different situations call for different types of policies, it is smart to at least consider this option. To find out more about whether or not a whole life policy is the right option for you, we give a more in depth overview of the definition of whole life insurance here.

Is Whole Life Insurance a Good Option for You?

If you want the best coverage and would like to make a solid investment, you might find that a whole life insurance policy is the best choice. Many people are more comfortable with whole life insurance because they are more familiar with it and because they prefer knowing that they will be covered for life. Along with ensuring that you have the payout that your loved ones will need to cover final expenses and more, you can benefit greatly from the cash value that it will accumulate over the years. Overall, savvy investors who want to invest their money as wisely as possible often find choosing whole life insurance to be a solid decision. However, not everyone chooses a whole life policy, and you might find that another choice would be better for you and your current lifestyle. For example, some find it to be too costly to fit in their budgets, and some senior citizens find that they can’t afford a good policy due to age and other factors. Here are a few other things to consider if you aren’t sure that whole life insurance is the best choice for you:

  • If you are on a very tight budget, you may find that burial insurance is your best choice. Everyone should be covered to some degree, and burial insurance is often the best option for those who can’t afford other types of policies at all. The face values for burial insurance are generally much lower, but they do typically offer enough for funeral expenses and other related costs. If you can’t afford whole life insurance but would like a bit more coverage than a burial insurance policy offers, you may want to look into term life insurance. The face values for term life insurance are generally a lot more than they are for burial insurance, but the monthly premiums are also a lot cheaper than those for a whole life insurance policy. Term life insurance can provide a happy medium, but it is essential to pay attention to term periods; otherwise, you could find yourself without protection when you need it the most.
  • By choosing whole life insurance, you will leave the investing of your money up to the insurance company. Many people like this option because they can leave the hassle of investments up to the insurer, but they can still enjoy the return. If you prefer to do your own investing, however, you may find that a different life insurance policy will suit you better. This is particularly true if you want the option to invest or not to invest.
  • Other policies, such as term life insurance, do have their advantages. For example, you can use a term life policy for the sole purpose of protecting your mortgage and ensuring that it can be paid if something happens to you. However, the money from a whole life policy can be used for the same purpose.

As you can see, there are a lot of different factors to consider when choosing a specific type of life insurance. What is right for one individual or family might not be the best choice for another, but each type of insurance has its own set of advantages and disadvantages. Regardless, many find that whole life insurance is a much more solid investment than other choices.

Whole Life Insurance for Seniors

It is true that the search for whole life insurance rates by age does change the game a little bit. Obviously, younger insurance shoppers will be able to enjoy lower rates, and many seniors find that their rates are exponentially higher, which can be tough for individuals who are already on a fixed income or an otherwise tight budget. This doesn’t mean that you shouldn’t invest in life insurance just because you are older, however. In fact, now is a very important time to start looking to be covered if you haven’t already, and you really shouldn’t put off investing in life insurance any longer. Instead, you should learn how to look for a policy that suits you. When you do, you are sure to be able to find a policy that will cover your necessary expenses while still suiting your budget and your individual needs.

If you are 65 or younger and are in pretty good health, you might be able to get whole life insurance without a medical exam with a lower face value. Although the face value might be a bit lower, it could be worth it if you don’t have to go through the hassle of a medical exam and if your final expenses are expected to be reasonably low. There are policies out there that are targeted to seniors as well, and chances are good that you will find the policy that you need if you do your research and work with the right company.

Lastly, you should know your other options as a senior citizen. Many seniors find that both whole life and term life insurance are too costly or that they don’t qualify for the policies that they are interested in. A final option in that situation is burial insurance; it is much more affordable, but you will still be covered for funeral expenses and other related costs. You can also look into term life insurance; many of these policies don’t require a medical exam either if you are willing to opt for a lower face value, but you do have to worry about your rates going up or not being covered after the term expires.

Tips for Shopping for the Best Whole Life Insurance Companies

Shopping for life insurance can be time-consuming and stressful, and you could be tempted to sign up for one of the first insurance companies that you come across just so that you can avoid the hassle. This isn’t the best option, however; instead, you should compare different providers, policies and premiums until you find the best and most reasonably-priced option for you, and you’ll find that our website makes this super easy.

Here at United Life Group, we work with some of the best whole life insurance companies in the nation. Since we are licensed to sell whole life insurance, burial insurance and term life insurance in multiple states, there is a good chance that we can help you.

You can get instant whole life insurance quotes for seniors online right here on our website. By simply typing your ZIP code into the field at the top of the page, you can start getting quotes right away so that you can easily compare the different options that are available to you. Then, you can find out more about how to buy your policy.

Regardless of which stage of life you might be in, shopping for life insurance is something that you should do right away. Many people put off this essential task and investment with the plan of handling it later, but later might never come. Plus, you can generally get much more affordable rates and much better policies by shopping at the youngest age possible. Even if you don’t think you can afford one of these policies, you should consider looking into it; you might be surprised by some of the reasonable rates that you can find through our simple search tool. Even if you find that whole life insurance isn’t a good option for you, you can look into other policies directly from our site as well.