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Best Whole Life Insurance: Quotes & Guide (2021)

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Common Names

  • Whole life insurance
  • Permanent life insurance
  • Whole of life insurance
  • Ordinary life insurance
  • Straight life insurance

Introduction

The future, as we all know it, could never be predicted. No individual has the power to foresee what may or may not happen. Accidents, health issues, financial troubles, starting a new business, educational costs, buying a new home and many more factors can affect your future and living expenses. Insurance plans and coverage have always been known to help not only for you and your loved ones but also for your financial assets. A way to be better prepared is to know and choose the right insurance plan for you. 

Having a whole life insurance policy that protects you and your family for your lifetime is a great thing to have for your peace of mind. You don't have to burden and stress yourself by overthinking the future with worry since you are covered and protected already. By being protected with a whole life insurance policy, traveling, enjoying your leisure time, focusing on hobbies, and purchasing your wants and needs doesn't seem to be a big deal anymore.

In the event of disability or even death, whole life insurance policy prevents your loved ones from facing financial loss. Also named whole of life insurance, it is an important tool to cope with the economic effects of the different uncertainties and challenges in life.  


Life Insurance Policy Basics & Key Features

Life insurance is usually selected based on the policyholder desires and priorities. While term life insurance policy typically offers compensation over a fixed period of time, whole life insurance offers lifelong coverage, such as whole and universal life.  



A life insurance coverage or policy is an arrangement between insurance providers and individuals (or legal entities). Each life insurance coverage is unique and different, and the laws governing insurance policies across each country or state are different. In particular, most insurance plans define the following: 


 The insurer: Only such undertakings are eligible to offer life insurance, and these undertakings are controlled by state insurance agencies.


 The policyholder: The individual or institution that controls (or 'handles') the policy (such as a family fund or a company). The policy may cover the holder, or some other individual could be insured.


 The insured: The individual whose life is covered by insurance.

 The death benefit: the sum that the insurance will pay whenever the insured person passes away.


 The beneficiaries: the persons or organizations that will earn the profit of death. ( e.g., a living husband or wife) or it can be distributed between several different people and organizations by proportion (e.g., three kids have the possibility to get 30 percent each, and the 10 percent can go to a charity).

 The length of the policy: the amount of time that the provider decides to pay a death payout. This may be a particular term (e.g., 10 to 15 years) or it could be long-lasting- a plan that continues for as long as payments are charged for the insured 's existence. 

 The premium: The annual or monthly payments essential to maintain the policy in effect. The cash worth: Whole life insurance policy has a cash worth component, like the whole of life assurance, that develops over time and can be available to cash out or lent against. There is no cash value for a term policy. 


Whole Life Insurance Quotes

In this guide, we will help you have better understanding of whole life insurance, while helping you compare cheap whole life insurance quotes online from the best whole life insurance companies, which you can do anytime by using our online quoting tool that provides you with real-time, accurate, instant whole life insurance quotes online from leading life insurers that you can easily purchase online and get your e-policy delivered straight to your email address immediately!

Whole Life Insurance Facts


Whole life insurance has a fixed death benefit and also offers a way to establish savings through the case formulation of the plan; unlike the term life coverage or insurance, which is conditional or temporary, permanent life insurance (whole life) is long-lasting. With fixed monthly premiums, a whole life policy (also known as a straight life policy)  helps you to budget easier. Also, it is the kind of plan that permits you to borrow from the cash value if you are in need of it. You are also able to obtain dividends, when you insure yourself with some insurance carriers. Permanent life insurance policy or a whole life insurance policy certainly has a whole lot of benefits.

Whole insurance coverage is a permanent life insurance policy which offers the family (or beneficiaries) with both a death payout and monetary values that you can withdraw from the security that protects you for your entire life (as long as you're paying the premium costs). 


 Some Facts About Whole Life Insurance

  •   Whole life insurer pays out a death benefit but other than this, it also has a savings feature in which it is possible to build up cash.
  • Other terms for Whole life insurance are; ordinary life insurance, straight life insurance, whole of life insurance and permanent life insurance. 
  • The fund's portion can be invested; in turn, by extracting or investing against it, the insurer can retain the fund while living, if necessary.
  • The modified whole life insurance premium is very close to standard whole life insurance. The dissimilarity in the premium framework of the agreements lies between the two policies.




Whole vs Term Life Insurance

Whole life is a life insurance coverage plan of cash value which you can carry as long as you need to. Whole life insurance is much more costly than term life insurance because, unlike term, it protects and covers you with a fixed payment of the death benefit (as long as you keep the terms of the policy) until your passing, regardless of how long it will take. Whole life insurance rates can vary depending on your fitness, age, terms of policy, features of plan, and the life insurance provider you select.


Term life insurance, on the other hand, is temporary. The policy only includes a limited period of time coverage and does not give you any cash value. Therefore if you pass away, the only time you'll be able to get the payout is if your passing happens during the limited time of the policy.  

There is no chance to get the cash back once a term life policy expires.  Because of this, the expense of a lifelong insurance policy can be predicted to be at least six to 10 times more costly than the expense of a term life. 


Whole Life Insurance, How does it work?

There are various kinds of whole life insurance, how each one operates will be depending on:

 Your health or age during the period of purchase 

 The sum of coverage that you'd like to buy 

 The sum of coverage that you'd like to buy 

 Whether or not you are willing to take a medical test

 The amount of coverage you need

 For what period of time you want to pay the premiums 


When you buy a whole life coverage plan, One of the benefits is that you will have a fixed premium, and thus it makes it easier to manage. At the date of acquisition, your health, age, and a total number of insurance is what the premium is being based on.  You can choose to pay the premiums for lifetime, up to a specific age; however, you are also given the choice to pay the premiums in a shorter time frame, such as 5, 20, or 30 years, for example. Many methods are available.


The 5 Main Benefits of Whole Life Insurance

There are many styles and kinds of life insurance coverage plans available to cover your family members when you pass away. Permanent life insurance policy indicates that as long as you are able to pay your premiums, you never have to stress about your plan or policy expiring.


But as you learn more about life insurance, you are most likely to discover that there are several plans and coverage types that have something more than just a death payout. 

Whole life insurance is mainly about a death guarantee for the individuals who rely on you, it can be a vital factor of a financial plan, through the advantages life insurance can provide while you are still alive.

What are the advantages of whole life insurance though? Read on below.

Whole Life Insurance Cost Is Guaranteed to Stay the Same

Your whole life insurance premium payments (the amount you pay to the life insurance company each month or year) will never be increased. Depending on the specifications, whole life insurance cost is about $500 to $1,500 per year, which corresponds to about $42 to $125 per month, if paid in monthly premiums. But price always depends on the level of coverage you get and your specific criteria as a policyholder and the risk you carry for the insurer. For your convenience, please find an average life insurance cost per month comparison table for both whole life insurance and term life insurance, different age groups, male and female customers:


Customer TypeCoverage AmountWhole Life Cost20 Year Term Life30 Year Term Life
30 year old male$250,000$180$12$19
30 year old male$500,000$355$19$31
30 year old male$1,000,000$700$31$54
30 year old female$250,000$160$11$16
30 year old female$500,000$310$16$26
30 year old female$1,000,000$620$25$44
40 year old male$250,000$266$17$28
40 year old male$500,000$530$29$50
40 year old male$1,000,000$1,050$49$90
40 year old female$250,000$229$15$23
40 year old female$500,000$449

$24

$39

40 year old female$1,000,000$899

$42

$75
50 year old male$250,000$415$39$67
50 year old male$500,000$825$70$125
50 year old male$1,000,000$1649$133$242
50 year old female$250,000

$355$29$49
50 year old female$500,000

$709

$54

$92

50 year old female$1,000,000

$1399

$99

$175


Regardless of how much you're paying for your premiums though, your whole life insurance rates / cost will not go up, which makes whole life insurance cost a potentially more cheap and affordable life insurance plan over a period of time. 

While in the early years, whole life insurance monthly premiums are greater than those of term life insurance, as time progresses, the savings increase dramatically. This will mean assured availability, at a fixed rate, of life insurance coverage in the elderly years for retirement planning.

Whole Life Insurance Does Not Expire

One of the most enticing advantages of having a whole life insurance plan is this: Your death payout will never expire as long as you're paying your premiums. Whether it's tomorrow, in 5 years, 90 years, or much farther away, it's assured to be compensated regardless of when you pass away.

Whole Life Insurance Is Easily Accessible

Regardless of where you are, what city or state you're from, you can always find an insurance provider that offers a Whole Life Insurance policy plan. One example is State Farm. If you live in this area, you can easily avail a state farm whole life insurance. Find an insurance provider that's near you; some can even be accessed online.

Whole Life Insurance Builds Cash Value

One of the main benefits is the whole life insurance cash value. Whole life insurance cash value doesn't only offer a death benefit, but an accumulated cash value over the lifetime of the policyholder. A part of any premium payment that you make is applied to the whole life insurance cash value as a savings fund. That becomes cash that you can get or access in times of an emergency. Because it is guaranteed to never decrease, it can become a significant, secure part of your financial plan and security.

Whole Life Insurance Has Tax Advantages

There are some significant tax benefits for having whole life insurance. Usually, the death benefit is tax-free. Furthermore, the increase in whole life insurance cash value (in response to dividend growth) is tax-deferred; if you forfeit your whole life policy and cash out the money, you will just owe growth tax. The amount you have invested into your policy will still be taken tax-free. In addition, you can get a sum of your money without paying taxes.

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Modified Whole Life Insurance

Modified whole life insurance (also named graded life insurance) refers to a life insurance policy with a modified coverage levels for several years that were initially defined when forming the whole life insurance policy.


Best Whole Life Insurance Companies

Knowing that we may not live forever and that there are difficulties we tend to encounter in life, it is truly important to work with the best whole life insurance companies, which you can trust with your life and your money. There are different factors to consider when choosing the best whole life insurance companies for you since it can affect your life and your loved ones. 

Below, we have gathered and reviewed some of the best whole life insurance companies that will help you build your future plans. However, there are many other great whole life insurance options and companies. 

To get the best whole life insurance quotes from over 50 life insurance providers, compare quotes online using our online whole life insurance quotes comparison at the top of this page and get instant whole life insurance quotes which you can easily purchase from our partners on the phone or online.


Trustage Whole Life Insurance Reviews: 4.5/5

For more than 80 years, Trustage has been working as a life insurance company. Originally, Trustage was established in 1935 as the CUNA Mutual Insurance Company. 

Pros

- Fast coverage

- Whole life insurance with no medical exam required

- Great customer service

- Strong financial ratings

- Decent quotes online or over the phone

- Writing policies for people between ages 18 to 69

- Available in all states

Cons

- Their whole life insurance policies cannot be customized
Offering very low coverage amounts from $10,000 up to $300,000 of whole life insurance coverage
- Policy options are very limited 

Best for: Those who do not need a lot of whole life insurance coverage

Our rating: 4.5/5


Mutual of Omaha Whole Life Insurance Reviews: 4.5/5

Warren Buffet's Mutual of Omaha whole life insurance offers affordable coverage to customers across the states and is one of the best whole life insurance for seniors choice, and covers high risk customers, like people who have significant medical issues or those who do extreme sports on a regular basis, providing a great variety of policies and coverage options.

Pros

- Excellent reputation and reliability

- Excellent customer satisfaction ratings

- Easy application process

- Impressive list of riders and whole life insurance plan benefits

- No medical exam whole life insurance

- Provides benefits from $2,000 to $25,000

- Simplified whole life insurance with guaranteed approval

- Offers many options of whole life insurance for seniors

Their whole life insurance is available for people from 45 to 85 years of age (or 50 and 75 in NY)

Cons

- Their whole life insurance is only available for people between 45 and 85 years of age (or 50 and 75 in New York)

- No dividends

- Purchasing your whole life insurance policy online may provide you with less coverage options

- Provides simplified whole life insurance underwriting, but medical exams will be required if you do not pass their questionnaire

Best for: Seniors and high-risk customers, like people with existing health issues or those who do extreme sports regularly as a hobby

Our Rating: 4.5/5

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New York Life / AARP Whole Life Insurance Review: 4.5/5

AARP whole life insurance is sold via New York Life Insurance to seniors over 50 years old with no medical exam needed.

Pros

- No medical exam whole life insurance that is friendly to tobacco users with pre-existing health issues

- Guaranteed acceptance whole life insurance

- Child whole life insurance 

- Decent senior life insurance quotes

- No waiting period

- Incentive to live long! Their whole life insurance payments stop when the policyholder is 95 years old, yet the coverage continues. Something that is hard to find with whole life insurance companies

Cons

- No options for those who are even slightly healthy

- Limited underwriting with death benefits under $50,000

Best for: Guaranteed acceptance whole life insurance for seniors with pre-existing medical conditions

Our Rating: 4.5/5

Read more: New York Life Insurance


Brighthouse (formerly MetLife) Whole Life Insurance Reviews: 4/5

Founded back in the 1860s, MetLife is the biggest life insurer in the U.S., and it provides a full range of standard life insurance policies, including whole life insurance. Their life insurance division recently became Brighthouse Financial. 

MetLife whole life insurance product line includes: 

MetLife Promise Whole Life, a basic plan with premium payments until the age of 100, which is great for low face value and offers coverage from $10,000. 

MetLife Promise Whole Life Select 10 and 20 are paid within 10 or 20 years, or until 65 years of age. MetLife Promise Whole Life Select series starts at a coverage level of $100,000.

MetLife Promise Whole Life 120 is paid up until you reach 120 years of age, with a minimum face value of $250,000.

Pros

- Easy billing process

- Guaranteed acceptance whole life insurance online purchase available on ages 50 to 75 with no medical exam and no health questions ($2,000 to $25,000 coverage)

- Good customer satisfaction ratings

- Largest life insurance company in the United States, financially strong and stable

- Variety of whole life insurance products for different needs

- Nice list of riders

- MetLife whole life insurance products provides guaranteed premium rate, death benefit and cash value

- Annual dividends from year 2 of the policy

Cons

- No online claims filing or billing

Best for: Cash value whole life insurance

Our Rating: 4/5

Read more: MetLife Insurance


Colonial Penn Whole Life Insurance Review: 3.5/5

Colonial Penn is a specialist insurance firm with a life insurance focus.They have a couple options available for coverage, which includes guaranteed acceptance insurance, renewable term life insurance and Colonial Penn's whole life insurance.

Pros

- Whole life insurance with no medical exam and up to $50,000 coverage between 40 to 75 years of age. Their whole life insurance rates are guaranteed for the whole policy lifecycle, based on age and gender

- Guaranteed acceptance whole life insurance over 50 and under 85 (50-85) with no medical exam and no health questions

Cons

- Small coverage amounts

- Death benefit isn't paid fully on guaranteed issue whole life insurance if the policyholder passes away within the first 2 years of the policy

Best for: Guaranteed issue whole life insurance over 50 years old (between 50 and 85)

Our Rating: 3.5/5

State Farm Whole Life Insurance Review: 4/5

State Farm standard whole life insurance has a minimum face value of $100,000.

State Farm Limited Pay whole life insurance has the same features of their standard policy, for either 10, 15 or 20 years. Since these are not paid throughout your whole life, this policy is even more expensive.

State Farm Single Premium whole life insurance is exactly like their standard policy, aside from the fact that it can be fully paid for when starting the policy on a single premium payment.

Pros

- Financially stable and strong

- Outstanding customer service

- Online whole life insurance quotes

- Policies can be surrendered for a portion of the policy value on a fee

Cons

- Doesn't provide the cheapest whole life insurance quotes; their term life insurance is much cheaper with the same coverage level and death benefit, averaging around $20/month

Best for: Customer experience

Our Rating: 4/5

Read more: State Farm Insurance



Best Whole Life Insurance For Seniors

If you are 45 years old and older, not only should your whole life insurance company be reliable and legitimate, but it should also offer the best whole life insurance for seniors since as years pass, we are not getting younger. For your convenience, please find our recommendation of best whole life insurance companies for seniors.

Company/ProductBest for
New York Life Whole Life InsuranceBest whole life insurance for seniors overall
Mutual of Omaha Whole Life InsuranceBest whole life insurance for seniors overall runner up
Transamerica Whole Life InsuranceBest indexed whole life insurance for seniors
AIG Whole Life InsuranceBest burial, funeral and other final expense whole life insurance for seniors
John Hancock Whole Life InsuranceHighest death benefit payout

Compare Cheap Whole Life Insurance Quotes

Get all the best quotes from leading providers in a click of a button!

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Bottom Line

Whole life insurance is certainly a big help not only to you, but also your family. If you’re interested in purchasing one, don’t forget to review this guideline, compare whole life insurance quotes online through our comparison tool on the top of this page and choose the best cheap whole life insurance for you!


References

https://www.iii.org/article/what-are-different-types-permanent-life-insurance-policies

https://content.naic.org/cipr_topics/topic_life_insurance.htm

https://en.wikipedia.org/wiki/Whole_life_insurance


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