Whole life insurance provides lifetime protection and also gives policy owners a way to build an asset that they might be able to use while they are still alive. Yes, you will find that whole life insurance rates are higher than term life insurance rates, but this is because term only gives you insurance for some specified length of time (the term) and does not build a cash value.
We can help you find the best life insurance solutions for everybody in your family from children to seniors. You are welcome to enter your ZIP code in our online life insurance quote box to see term or whole life insurance quotes online. Also, feel free to call during business hours for a consultation with an experienced agent.
What is Whole Life Insurance?
Whole life is permanent life insurance that provides coverage as long as it gets paid for or has been paid up. Unlike term, it does not expire after a certain amount of time has passed. Besides providing coverage, whole life can also grow a cash value that can get borrowed against or even cashed in. Note that some cash value transactions could impact the size of the death benefits.
Also, older folks might be interested in buying permanent life insurance because it can get sold in a senior life settlement. These are transactions where third parties purchase insurance policies for some portion of the death benefit, and this is usually a much larger amount of money that the cash value. This is another way for elderly people to take advantage of their policies while they are still alive.
Who Can Compare Whole Life Insurance Rates?
You might shop for yourself, your children, or seniors in your family. It is fine if you compare prices for your elderly parents, but you need to know that they must get involved in the application process by answering some questions over the phone or signing an application form.
In fact, many adult children decide to pay for their elderly parent’s life insurance as a way to make certain that they will have plenty of money to plan a dignified funeral or handle other final expenses. These small whole life policies are often called burial policies, and they have been made affordable and easy to apply for.
These are some example burial policy rates for a 75-year-old woman in Texas who does not smoke:
- $5,000: $39.36
- $10,000: $75.83
- $20,000: $148.33
Note: These rates are only samples, and they could vary because of the insurer, your location, and in some cases, health underwriting.
We Offer Whole Life Insurance Quotes Online or On the Phone
You can use our simple quote system 24/7 from the comfort of your home or office to compare whole life insurance prices in your hometown. All the system needs is your ZIP code to display top whole life insurance companies. If you prefer, call us and ask to speak with an experienced life insurance agent who can answer your questions and help you select the life insurance with great benefits and an affordable price.