Let SelectQuote help you find the right life insurance for you.
We can help you navigate the complexities of life insurance to see what kind of policy is right for you and your family.
Who should buy whole life insurance?
Whole life insurance tends to make the most sense for individuals with strong finances who are also looking for lifetime coverage. It can sometimes also make sense for individuals with special needs children or other lifelong dependents or seniors who have outlived their term life insurance and are still interested in substantial coverage.
In addition to providing a death benefit, whole life insurance includes a savings component known as the cash value that earns interest and grows over time. You can typically borrow funds from the cash value of your policy to support other expenses such as a college education or medical bills. This saving capability, however, makes whole life insurance rates higher than that of a term life insurance policy.
At SelectQuote, we can help you understand your life insurance options by instantly comparing personalized quotes from some of the most trusted insurance companies. We’ll help you make sure the policy you choose is right for you.
Whole Life Insurance Rates
Whole life insurance rates tend to be 10 times more expensive than the cost of term life insurance. That being said, one of the greatest trade offs when you buy a whole life insurance policy is the lifelong coverage. Additionally, your whole life insurance premium should never change throughout the duration of the policy.
Benefits of Purchasing a Whole Life Insurance Policy
The primary benefits of a whole life insurance policy include:
Lifetime Coverage – Whole life insurance provides coverage for a lifetime.
Set Premium – Your premium for whole life insurance doesn’t change, therefore what you pay the first month of your policy is what you’ll pay every month it is in force.
Cash Value – As your premiums accrue, and at a time specified by the insurance company, you can borrow against your policy’s cash value.
Guaranteed Returns – Returns with a whole life insurance policy can be guaranteed, as the life insurance carrier sets a guaranteed minimum growth rate on the cash value.
How Much Whole Life Insurance You Need
The amount of life insurance needed varies for everyone, but many people aim for 10-12 times their income. You should take into account the kind of life insurance that fits within your budget and who would be dependent upon your financial support in both the immediate future and down the road. Our insurance calculator can help you get a better idea of how much insurance might be right for your needs. Then, we can help you figure out the coverage that fits your situation best.
Get a Free Life Insurance Quote Today
Whether you think you’d be interested in whole life insurance or are looking to consider all your options, we can help you through the process of figuring out what policy might be best for your lifestyle and budget.