Whole Life Insurance Quotes

Looking for whole life insurance quotes online?

If you are looking for rates on a whole life insurance policy, chances are that you won’t be able to find them online. While there are many websites that provide term life insurance rates online (including ours), there aren’t many that will provide the same information for whole life. This is mostly because whole life is a more complicated type of policy and pricing can vary widely based on the structure and features of any particular policy.

If you take a look at a term life insurance policy, you will find very few “moving parts”. Take, for example, a $250,000 30-year level term insurance policy with premiums of $125 per month. The design of this policy is simple: Your premiums are guaranteed to remain fixed and level for 30 years, after which you will probably have the option of renewing at a much higher rate. The way the policy works is simple: as long as you pay the premiums on time and keep your policy in force, the insurance company will pay your beneficiaries a death benefit if you die. If you don’t pay the premiums, the policy lapses and will no longer be in force. A term policy has no cash value (or more correctly, cash surrender value) and is considered for discussion purposes here “pure insurance”.

By contrast, a whole life insurance policy has options and features that a term life insurance policy doesn’t have. For example, that same $250,000 life insurance policy might cost $250 per month, $500 per month or even more, depending on the particular policy design. Some whole life policies, for example, are designed to be completely paid for after 20 years of payments. That means that after 20 years, the policy is “paid up” and will remain in force for the rest of your life without the possibility of lapsing. This same policy could be structured to be paid up in 30 years, or 10 years, or at age 65, etc. Each of these options would obviously have different monthly premiums.

In addition, whole life insurance quotes vary because these policies contain provisions for cash surrender values to be accumulated within the policy. Some policies accumulate these cash values more rapidly than others but have higher monthly premiums.

Get whole life insurance quotes from a qualified agent

If you are interested in finding out more about a whole life policy and comparing it to term insurance, you should contact a qualified independent insurance agent who can provide you with some options. Whole life is a bit more complicated than term insurance, so don’t hesitate to learn more about it before you make a decision.

About The Author

Richard Eddy

Founder of Rates4Term.com and Cona Financial Group Richard Eddy has been assisting clients with their life insurance needs since 2005. He is an expert helping people find the right policy to fit their specific situation. In addition to insurance planning, he is also experienced in a wide range of financial planning topics including investment and portfolio analysis, tax planning, retirement planning and estate preservation strategies. You can call Richard toll-free at (877) 883-3561.