Whole Life Insurance Rate Comparison

Shopping for whole life insurance policy rates can be stressful and confusing, no matter how old or young you might be.

Is Whole Life Insurance the Best Option for You?

Although it is one of the most popular, whole life insurance isn’t the only option out there. However, many people find it to be the best. By comparing whole life insurance with other coverage options, you can make the right decision for you.

Whole Life vs. Term Life

  • Term life insurance only offers coverage for a set length of time; in many cases, the term is 10, 20 or 30 years. Whole life insurance is permanent, however, so you don’t have to worry about your coverage expiring.
  • Although you will be given the opportunity to renew your coverage with a term life insurance company, your rates could increase significantly. In fact, some companies increase rates 10 times or more.
  • Whole life insurance can be seen as a good investment because it is guaranteed to build up a cash value over time. This is never the case with term life, however; regardless of how much you might pay in over the course of being insured, your beneficiaries will only receive the amount of your death benefit.
  • For younger people who are in good health, term life insurance coverage can be a lot more affordable. Whole life can be more costly but can also offer more benefits. Also, if you look for cheap whole life insurance rates with our online quote engine, you may be able to find whole life coverage that you can afford.

Whole Life vs. Burial Insurance

  • Burial insurance generally comes with a smaller face value and can be cheaper than whole life insurance. However, some companies do offer whole life insurance with smaller face values and rates as well.
  • You never have to worry about a medical exam with burial insurance. Some whole life insurance companies do require these exams, but this is generally only true for higher face values.

How are Whole Life Insurance Rates Determined?

Insurance companies look at several factors when determining insurance rates. First of all, the type of coverage does matter; for example, a whole life insurance policy is generally more expensive than term life insurance because it offers more benefits and involves the investment of your money. Also, the face value of the policy will obviously have an impact on how much you have to pay.

Companies also look at your age when offering coverage. This is why looking at whole life insurance rates by age is so important; it will allow you to compare policies and find the best one for your age group.

Lastly, health-related matters do come into play. For example, if you participate in a medical exam and are found to be healthy, you can qualify for far better rates. If you want to avoid a medical exam or have serious health issues and want to apply for guaranteed issue whole life insurance, you can expect to pay a little more.

Different companies also offer different rates, so comparing quotes from various providers is a good way to ensure the lowest price with the highest amount of coverage. Fortunately, we make it easy for you to do this comparison right here on our website; all you have to do to get started is enter your ZIP code at the top of the page.

Which Type of Coverage is Best for You?

Different companies offer different types of coverage, and choosing the right option for you will depend on a few factors. Keep these things in mind while searching to choose the right whole life insurance for you:

  • How old are you? Some companies work with seniors, and others are stricter about age requirements. Shopping for whole life insurance rates by age will help you find the companies that will work with your age group.
  • How is your health? If you are in poor health, you might have to opt for guaranteed issue whole life insurance. If your health is pretty good, you might choose to undergo a medical exam to score better rates and a higher face value. If you have some minor or moderate health-related issues, you may choose a company that doesn’t require a medical exam but simply asks a few health-related questions instead. Many of these companies are pretty understanding about things like high blood pressure or being overweight, and they are generally mostly concerned about more serious issues like cancer or stroke.
  • How much coverage do you need? Many senior citizens opt for smaller face values because they want to avoid medical exams or want more affordable policies. Aetna and Assurity Life are great companies to work with if you want a lower face value. If you are looking for more coverage, you might need to undergo a medical exam and deal with a company like Genworth Life Insurance Company, American General or Banner Life Insurance Company. These insurance providers often offer millions of dollars’ worth of coverage to those who qualify for it, but they do typically require medical exams for face values in excess of $50,000.
  • What is your budget like? If you are on a really tight budget, looking for the best whole life insurance rates online will help you score the best coverage for the lowest price. Choosing coverage with a lower face value will also help keep your premiums down, and you should consider undergoing a medical exam if you’re in good health to secure a better rate. If you can’t find whole life insurance that you can afford, you might want to look into a burial insurance policy as an option.

Tips for Finding the Best Coverage

For instant quotes for whole life insurance and other types of coverage, you can access our easy-to-use search engine today. We work with many of the best and highest-rated life insurance companies in the nation and are licensed to sell insurance in multiple states, so we can help you find the coverage that is right for you. To get started in looking at the types of coverage that are available and their average costs, simply enter your ZIP code into the search engine at the top of the page.