Whole Life Insurance
- Home
- Whole Life Insurance
Whole life insurance is a type of permanent life insurance coverage designed to protect your family by locking in benefits that can help pay for end-of-life expenses and cash value that can be accessed in an emergency. Whole life is available only for people aged 45-85 (in NY, ages 50-75).
Whole life coverage may be suitable if you:
- Need coverage that doesn’t require a medical exam or health questions
- Have a tight budget or fixed income and need a premium that won’t increase
- Need coverage for burial, funeral, or other final expenses or to pay off debts
- Would like to supplement existing insurance coverage
- Want to build cash value and have access to funds in an emergency
What is included in a whole life insurance policy?
- Guaranteed coverage that lasts for the rest of your life* with no medical exam
- Premiums that are guaranteed not to increase
- Potential cash value that grows on a tax-deferred basis
- A set benefit to be paid to your designated beneficiaries at your death
What’s the difference between whole life and term life?
Like whole life plans, most term life plans have a fixed premium and fixed death benefit. However, whole life benefits the rest of the insured person’s life, whereas a term life only lasts for a specific period. In addition, a whole life policy includes cash value, whereas a term life policy only includes the death benefit. On the other hand, term life has a lower premium per dollar of coverage and significantly larger death benefits are available.
How much does whole life insurance cost?
Generally, whole life is highly affordable insurance, and the premium will never increase. Your premium takes into account your current age at the time of issue, your gender, and your death benefit amount.